Weekly View 05 Aug - 09 Aug

Despite much awaited important news releases last week on U.S. economy, and their mixed results, gold lost some points last week but managed to find support at 150 SMA in H4 level. As long as this support holds, further rise remains mildly in favor but will have to clear off resistance levels 32300/32550 (USD 1339.60/1349.97) first.

On the downside, 30600 (USD 1269) level is expected to provide support for now. If the price breaks below this level, the recovery from 28439 (USD 1179.40) will be indicated to be completed and  we may see further downside fall.

Trade Happy, Trade Safe :)