24 August 2015

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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)