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Gold's Trend is Neutral Until Further Notice
At the end of last week's trading, the gold price index saw a strong rebound, surpassing its losses from the beginning of the week and heading towards a major resistance level at $3,400 per ounce. Weak US jobs data fueled hopes of a Federal Reserve interest rate cut in September. The immediate gold price bounced up from the support level of $3268 per ounce, the lowest price for the week, with gains reaching the resistance level of $3369 per ounce at the start of the new week's trading. Technically: Based on the daily timeframe chart, the recent gains in gold prices have brought the overall performance back to a ... (full story)
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