Weekly View 29 Jul - 02 Aug

After opening up with a weekend gap last Monday, Gold had another gain this past week despite some volatility and indecision. On weekly chart, it has cleared off the 78.2 % fib level at 31283 (USD 1297.42) which suggests that the next upside target should be 61.8 % at 33837 (USD 1403.34) . On Daily chart, the price is trading right at 38.2 % fib level 32221 (USD 1336.32) of 28463 (USD 1180.46) and 38302 (USD 1588.52) and looking kind of having difficulty to get past this level. But once, if the price breaks and holds this level and breaks previous resistance of 32550 (USD 1349.80), it should comply with the weekly chart and the next test level should be 33383 (USD 1384.51) before 33387.

On downside, for now 31550 (USD 1308.49) and then 30785 (USD 1276.77) levels should provide support.

On fundamental front, we have some very important economic releases coming up on Wednesday including, ADP Non-farm Employment Change, Advance GDP q/q, FOMC Statement after Central Bank Meeting, Federal Fund Rate (Interest Rate), which certainly will create some volatility and some indication about direction as well.

Bigger picture views remain the same, please refer to our previous posts for that.

Trade Happy, Trade Safe :)