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Gold drops to monthly 50-MA, contradicts fundamentals

FX_IDC:XAUUSD   GOLD / US DOLLAR
What monthly chart shows?

Previous month’s candle failed to close above falling trend line . That was followed by another failure to cut through the hurdle, consequently, prices then headed lower to 50-MA level of $1317/Oz levels.

The drop is being blamed on speculation that Fed’s Yellen could come out hawkish at tomorrow’s Jackson Hole event.

However, Richard Perry from Hantec Markets believes the recent move lower in gold             prices contradicts fundamentals.

Richard Perry speaking to Tip TV - http://www.tiptv.co.uk/article/VideoServiceChannel28945/40421

Highlights

Dollar strengthening a little bit ahead of Jackson hole…having impact on commodities space.
Oil             victim of strong dollar and more of bearish fundamentals

WTI Oil             - Key support at 46.80, break lower would expose
US reporting back to back weekly higher inventories and Baker Hughes             shows rigs coming back online

‘Buy the rumor sell the fact’ trade on September OPEC meeting, Can’t see output freeze happening”

Gold             – Playing into corrective theme of commodities , but moving lower in last few days. Overall, remains in a large rising channel…key level $1310-1300 area

Silver             – Breakdown in Silver             on daily chart . 89-day moving average has been used as support on multiple
occasions this year

DAX             – Strong dollar generally seen as negative for DAX            

We also had Charlie Morris, editor of Atlas Pulse present his take on Gold             . Check out the video here - https://www.youtube.com/watch?v=RoI6lPiv9Q0
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