GOLD COMEX CHART ANALYSIS
Fundamental Analysis
The tide has not turned for gold at all and we do not see
this trend going for long unless the situation becomes completely out of
control in China. In the meanwhile, the resistance of 1160 could trigger profit
taking that could push the price lower.
The recent rally in gold is primarily because Traders are
angst about the abate Chinese economic growth and this is really pushing the
gold price higher. September timetable is still very much on the table and it
is by no mean off the table. What really will matter is the upcoming US non
farm payroll data (due next month) and that will make the firm bed for a rate
hike only if it is a robust print.
IMPORTANT RESISTANCE FOR GOLD
1168-1171(73)-1194
(27550-27800)
SUPPORT
1147.90-1138-1128
(26930-26680-26345)