Gold Weekly Analysis & Forecast:
Frankly speaking I was not expecting Gold to cross 1920-1922 level on Friday. Because Dxy was going strong and at this level we have some very key moving averages. This level provided the price strong resistance. But ultimately Gold has proven to be more resilient and broke this resistance despite Good US results.
The breaking of 1920 is a very strong message that market forces want Gold to push upside. The one reason can be that there is no interest rate increase coming in Sep.
I think this will give gold a relief to get some gains for a while.
Next week two level will be very important. 1930 and 1950. If 1930 level is broken which I see more likely to get broken. Price will test 1950 level with high probability.
We have not major News announcements on Monday-Tuesday. Wednesday we have FOMC in where there is market consensus there will no interest rate. So I see Gold may go up to test 1940-1950 level next week
Gold also seems more resilient to DXY.
Do comment on the idea and Odds!
Best of Luck for next Week
Frankly speaking I was not expecting Gold to cross 1920-1922 level on Friday. Because Dxy was going strong and at this level we have some very key moving averages. This level provided the price strong resistance. But ultimately Gold has proven to be more resilient and broke this resistance despite Good US results.
The breaking of 1920 is a very strong message that market forces want Gold to push upside. The one reason can be that there is no interest rate increase coming in Sep.
I think this will give gold a relief to get some gains for a while.
Next week two level will be very important. 1930 and 1950. If 1930 level is broken which I see more likely to get broken. Price will test 1950 level with high probability.
We have not major News announcements on Monday-Tuesday. Wednesday we have FOMC in where there is market consensus there will no interest rate. So I see Gold may go up to test 1940-1950 level next week
Gold also seems more resilient to DXY.
Do comment on the idea and Odds!
Best of Luck for next Week