Analysis of gold prices today – Aug 6

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Rose gold markets during the session that followed the jobs report on Friday. She said the United States 1.65000 function, and this was more than expected. As a result, the trading risk is all that everyone thinks. With this, we are still within the area of consolidation in which he commented that the gold market during the past several months. For this reason, we do not see that there is what has changed even with the strong movement on Friday.

We want to see beyond the level of $ 1640 in order to begin to buy in this market, as this will show a significant increase in the activity upward. We can see the same thing on the level of $ 1500 at the bottom, which works as support. If this level is breached, it may be a sign of great descending pattern where it will show for our money at least that the pattern has changed. However, we see support at $ 1540, it is possible to buy the supporting movement in that area with the knowledge that the level of great support towards the $ 1500 is still holding.

Expectations with respect to short-term, we believe that this market will continue to bounce in the consolidation of this and therefore should be treated as governed by the scope of the tool. Elevations sale and purchase on dips and refining of this command to stop this recipe to work.

There is a very high chance that this is the way it will behave this market over the next thirty days. In the end, traders will be back from holidays and adults begin to move in the market again. This happens usually sometime in early September, so that when we expect that the market penetration of this area of the current consolidation. When you put this into consideration, it is difficult to feel excited about the big gold markets, but we feel that with time, will continue to get the value with the central banks around the world to think about pouring money into the system.

With the development of this into consideration, we will buy dips to sell improvements with greater confidence and we will continue to play with this strategy is governed by the scope during the next three weeks or, at least.