Gold continues to trade within a medium-term channel
18 August, 2016
Gold continues to trade within a medium-term channel $1335- $1358.
Current situation
Today gold market consolidate at the level of the balance price of this range at $1344. Trading activity during the day is reduced, for some time gold will stay consolidated within this range.
Trading recommendations
We note that the chance for downward consolidation breakout increased. (support at $1,335). However the likehood of the Fed rate hike can dramatically change the balance of power in this market.
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