Gold Market for the Week of August 6
Timothy Evans with Long Leaf Trading Groups writes:
If ever there were a week for traders to be excited about a directional move in global markets it should have come last week. Leading up to last week's news, markets finished strong in anticipation of favorable news from multiple central banks, most importantly the United States and the ECB.
The buying only lasted until the United States and the ECB disappointed investors by not bringing any new news to support their earlier promises. Up until Fridays Non-Farm Payroll, things looked very bad for the Gold Bugs. However, Fridays Non-Farm Payroll was enough to bring buyers back to the market to finish the week.
Thu week, Gold traders will have to be on their toes after the schizophrenia that the market continues to see. Closes above $1600 should keep the market underpinned. Technical levels as seen on the daily chart provided should be followed very closely as we enter into this week's trade.
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August 6, 2012 (Source: Long Leaf Trading Group)