Analysis:
Yesterday Gold tried to break 1208 zone but failed, mainly due to weakness of US index during US session. Gold closed the day above 1215 and shown a strong rejection at 1208 zone. Gold continue to move up during Asian trading session today and is trading around 1225 – 1228.
The medium term trend is still bearish, however the short -term trend is up now. We expect Gold will move up to test 1235 zone today. US GDP Q2 data today will either push Gold up to break 1235 – 1237 or down to break 1208 zone.
Forex Trading Signals:
We will watch for signals to short Gold around 1235 before US GDP data today.
Resistant zone:
– 1241 – 1243
– 1233 – 1235
Support zone:
– 1206 – 1208
– 1180 – 1182
ForexSignals247