XAUUSD: Resuming its downtrend
The market was very interesting this week. It has broken all the chartist preiction.
On the one hand, we have FOMC bad result with datas bellow expectation. This was good for USD since USd lost ground against EUR.
On the other hand, the risk of seeing FEd rising its interest rate this summer is null and the decision may be postponed to another summer, :-) Seriously still the earliest time may be 3Q15 but I do believe that it won't occure beofre the end of 1Q16.
There was also a stress aroung Greece but since its Prime Minister decided to contain its Minister of Economy Mr Varoufakis experimental economic policy on Euro, the problem appears to be contained and a new schedule is on the table.
Therefore, Gold lost its upside power and there was not enough steam to reverse the trend to a Bull trend.
The interesting issue to watch is the reversal of the correlation between a low USD and an upside on GOLD. Generaly when USD is loosing its value against EUR, Gold is raising, but yet, despite the 1 Euro = 1.12 USD, Gold is on the downside.
The next support level to watch are 1160 and 1140. Bellow 1140 we should go directly to 1080 which is a huge gap.
On the one hand, we have FOMC bad result with datas bellow expectation. This was good for USD since USd lost ground against EUR.
On the other hand, the risk of seeing FEd rising its interest rate this summer is null and the decision may be postponed to another summer, :-) Seriously still the earliest time may be 3Q15 but I do believe that it won't occure beofre the end of 1Q16.
There was also a stress aroung Greece but since its Prime Minister decided to contain its Minister of Economy Mr Varoufakis experimental economic policy on Euro, the problem appears to be contained and a new schedule is on the table.
Therefore, Gold lost its upside power and there was not enough steam to reverse the trend to a Bull trend.
The interesting issue to watch is the reversal of the correlation between a low USD and an upside on GOLD. Generaly when USD is loosing its value against EUR, Gold is raising, but yet, despite the 1 Euro = 1.12 USD, Gold is on the downside.
The next support level to watch are 1160 and 1140. Bellow 1140 we should go directly to 1080 which is a huge gap.
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