itSkushSharma

itSkushSharma

Support Level 1316, next horizontal support 1308. Resistance 1338. Gold will need a catalyst to move it up. Possibly OCT 1 china is admitted into the IMF SDR basket. China entry could weaken the dollar. Next catalyst is a no hike for December. I can see gold reaching 1400 by the end of Dec if we get no hike at all this year.

itSkushSharma

Looks like dollar on a weekly chart looks to form a head and shoulder pattern.

itSkushSharma

I see a dec no rate hike moving gold to 1380 to 1400, but looks like a consolidation might take place. Also dollar is gaining strenght

itSkushSharma

we should be in a bull trend once yellen makes her speech, watching for no rate hike. Gold first resistance at 1340 next at 1380.

itSkushSharma

Gold is at its lowest horizontal support, if there is another pullback I see gold touching my trend line around (1294-1292).

itSkushSharma

Janet Yellen is set to speak this week Friday, market will be anticipating a rate hike for September. Her words will play a big factor on the direction of gold. Support level (1334), (1330), (1322), (1311), (1300). But I expect a delay in rate hike in Yellen speech. Very bullish on GOLD, look to set new high this year.

itSkushSharma

SMALL UPTREND ON THE USD, LOOKS TO BOUNCE OFF THE UPWARD TREND. WAITING TO SEE IF IT WILL BOUNCE OR BREAK LOWER.