21 August Wednesday View

Ahead of FOMC Meeting Minutes, Gold price is holding steady around 33000 (USD 1368.63). Yesterday it dipped down to 32605 (USD 1352.25) but quickly pushed beyond 33000 to 33208 (USD 1377.26) before closing at 32997.

Technically, the day before, it tested a high of 33383 (USD 1384.51) which is considered as an important level being 50 % fib retracement, if this level is broken and held we may see a test of 61.8 % level at 34544 (USD 1432.67), which is well within the level 34962 (USD 1450) level which was expected and there still may be a probability to be tested next after 32551 (USD 1350) is broken. For immediate support let's consider 32550 (USD 1350) level for now.

Tonight's FOMC Meeting Minutes is waited by the market for a clue of time frame for when easing on QE starts, this is expected to create some volatility and tests of some of these mentioned levels.

But, let's keep this note in consideration as well,

"I don't think the minutes will provide a clear signal about the September taper. If they could have, they would already have done so in the FOMC statement," said Peter Fertig, a consultant at Quantitative Commodity Research.

"We will just get a reflection of discussion, and we already know that some members would vote to start tapering, and other would like to wait and see. It will be further waiting and further speculating," he added.

That's right, waiting and speculating.

Trade Happy, Trade Safe :)