Gold TECHNICAL PLAY FOR WEEK 32 1st August 2016- 7th 2016
Looking to buy up if the trend continues upwards anywhere from 1337 to 1351 area till our target area 1421.95
Eventually as autumn season starts we are expecting USD pull back till november and not expecting any risk aversion in market at this moment until we hear from Fed in November. Dollar is likely to stay neutral for the time being and is also likely to end this recent Gold rise. Mostly likely we have reached the high or will once we hit 1400 again.
Once it turns we can have a really good pull back with price of falling as low as back down 1140 leaving us a nice head and shoulder pattern formation which can lead us into 2017 nicely and futures at the moments will nicely hedged below for buyer ready around 1100 and 1000 levels.
Eventually as autumn season starts we are expecting USD pull back till november and not expecting any risk aversion in market at this moment until we hear from Fed in November. Dollar is likely to stay neutral for the time being and is also likely to end this recent Gold rise. Mostly likely we have reached the high or will once we hit 1400 again.
Once it turns we can have a really good pull back with price of falling as low as back down 1140 leaving us a nice head and shoulder pattern formation which can lead us into 2017 nicely and futures at the moments will nicely hedged below for buyer ready around 1100 and 1000 levels.