GOLD- Short-term short before the rally up start
The week ahead will be important with 3 major central banks meeting with rate decisions and press conferences , 70% of the time gold runs up post FED meetings.
DXY might strengthen leading into the FED meeting and then drop.
The meetings are as follows:
- BOJ - 31 Jul - Yen to strengthen post the meeting
- 1 Aug - FMOC/FED 1 Aug - DXY to strengthen leading into the meeting
- 2 Aug - BOE. For me personally this is the key event in the week. If the BOE put interest rates up which is expected with a hawkish tone the pound will rally up and gold will follow
Gold had the opportunity in the past week to have stronger rally's up but instead of breaking 1236 it formed a double top at 1235. So weak performance in the past week pointing to a potential new low or best case a test of 1211
DXY might strengthen leading into the FED meeting and then drop.
The meetings are as follows:
- BOJ - 31 Jul - Yen to strengthen post the meeting
- 1 Aug - FMOC/FED 1 Aug - DXY to strengthen leading into the meeting
- 2 Aug - BOE. For me personally this is the key event in the week. If the BOE put interest rates up which is expected with a hawkish tone the pound will rally up and gold will follow
Gold had the opportunity in the past week to have stronger rally's up but instead of breaking 1236 it formed a double top at 1235. So weak performance in the past week pointing to a potential new low or best case a test of 1211
Comment:
see previous posting below
