I think this week gold will be trading in a mostly a narrow band between 1242 and 1246. We saw todays "flash crash" lower the price all the way down to 1236. We broke the 1240 but only for a few moments before going back up. I think at the moment we are in a state of volatile correction. And believe we will see a repeat of last weeks hear nor there trading. With highs possible reaching 1250, before closing under 1242 at weeks end to aline for a rally to 1265 next week coming week.
My target will still be around 1229-1235. However with gold so unwilling to brake and hold under 1240,it seems for short term at lest we will stay above the 1240 mark. I belive as was evident by todays flash crash, that these short term rallying was in fact bulls chasing short term profits, and profit taking. However once this week is over, we will have a better understanding of where prices will go next. My general feeling is we will hit 1228-1235, and hold it by the end of next week.Before going up on the back of a weakening dollar, better news concerning rate hikes and US data.
However as always, it is a waiting game .
My target will still be around 1229-1235. However with gold so unwilling to brake and hold under 1240,it seems for short term at lest we will stay above the 1240 mark. I belive as was evident by todays flash crash, that these short term rallying was in fact bulls chasing short term profits, and profit taking. However once this week is over, we will have a better understanding of where prices will go next. My general feeling is we will hit 1228-1235, and hold it by the end of next week.Before going up on the back of a weakening dollar, better news concerning rate hikes and US data.
However as always, it is a waiting game .