Week ending 10 June 2016

FX:XAUUSD   Gold Spot / U.S. Dollar
In the weekly, most of the indicators look good to test the upper range (129x-131x). W-PSAR 1297.7. Momentum slowed down considerably affected by the 1303-1199 panic rundown and was rescued by the NFP figures, following which a series of bad news that have inflicted fear factor in the market were published.

In the daily, looking at the indicators heights, there is less room to explore as the momentum is still lacking. With the support of the weekly, this upper range of 128x - 130x might be the fighting battle.

Take from friday night NY session: A great rally to 1278 and a good challenge back to 1269 was really the play by the big players. the day (hence the week) ended in a very positive tone.

2 weeks ahead, high volatility is expected. My guess is price will still try to price-in 'no rate hike' scenario, and will follow to price in 'what if brexit comes true' scenario, following which if brexit doesnot happen, we might see a huge reversal like the NFP.


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