Talking Points:
- Support: 50.66, 48.54, 45.11
- Resistance: 52.37, 54.08, 56.20
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Gold continues to tread water in a well-defined range near the $1100/oz figure as prices await a new directional catalyst. Near-term support is at 1078.10, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1058.48. Alternatively, a push above the 23.6% Fib retracement at 1102.94 clears the way for a test of the 38.2% threshold at 1122.52.
KEY UPCOMING EVENT RISK:
03 AUG 2015, 12:30 GMT – US PCE Core (YoY) (JUN) – Expected: 1.2%, Prev: 1.2%
03 AUG 2015, 14:00 GMT – US Manufacturing ISM (JUL) – Expected: 53.5, Prev: 53.5
05 AUG 2015, 14:00 GMT – US Non-Mfg ISM Composite (JUL) – Expected: 56.2, Prev: 56.0
07 AUG 2015, 12:30 GMT – US Change in Nonfarm Payrolls (JUL) – Expected: 225K, Prev: 223K
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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