Gold’s rebound from rising trend line (drawn from June 6 low and June 24 low) amid post Fed sell-off in USD suggest prices could have formed a short-term bottom at $1370.71 (July 21 low), but reckon the weak momentum in Asia and early Europe would lead to choppy trading.
Further gains are seen following a quick drop to $1333.62 (23.6% Fibo) followed by a rebound above $1342 would open doors for $1358 (June 24 high).
On the other hand, a break below $1333.62 could yield a re-test of rising trend line level of $1325/Oz levels.
Further gains are seen following a quick drop to $1333.62 (23.6% Fibo) followed by a rebound above $1342 would open doors for $1358 (June 24 high).
On the other hand, a break below $1333.62 could yield a re-test of rising trend line level of $1325/Oz levels.
