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.


Source link  
Yellow metal returned to a growth

Buyers failed to reclaim 1260 and stepped back in the night. The price slightly eased and corrected to 1253...

Undertone for Gold was clearly positive

The undertone for Gold was clearly positive on Thursday. The spot was growing the first part...

Gold maintained its bid tone

Buyers defended the 1230 level on Friday. Fresh bids around the level coupled with broad base...


Gold failed to sustain recovery

The pair pulled back in the Asian night and reached 1260 in the mid-Asian session. The level limited sellers' advance..

Gold remained well offered

The XAUUSD pair came under intense selling pressure on Thursday. The spot pushed away...

Brent oil prices maintained their negative bias

Sellers broke 55.50 and remained within the level in the night...


Brent oil prices remained in an upward channel

However, the benchmark softened to its lower band...

Brent oil prices gapped higher

A strong energy demand in the Asian region supported oil prices despite a rebound in Libyan oil production which still weigh...

Gold prices weakened

The undertone for Gold was clearly positive. However, buyers failed to retake 1260 on Monday. The level rejected the price downwards...

  


Share: