07 August Wednesday View

Gold closed lower yesterday trading below the 150 SMA in H4 for the first time since 18 July. With better economic data releases and stronger U.S. Dollar, the sentiment towards the yellow metal has turned back to Bearish. Price is trading very close to 30785 (USD 1276.77), 23.6 % retracement of 38302 to 28463. Break and hold of 30500 (USD 1264.95) level is taken as a confirmation of the end of recovery  from the low of 28463, and may see further lower prices.

Trade Happy, Trade Safe :)