الذهب / دولار أمريكي

Gold price action this week. And next week ???

Here I tried to recall the events affecting gold prices since 25th of August. What is surprising to me are "the breakout of 1300 psychological resistance" and "the unexpected price action of today".
Beginning of next week might be another surprise. Today US data was quite terrible, but USD index and and US bonds appreciated contrary to expectations. I figure out two reasons:
(1) Technically gold is over-bought and traders do not have appetite to buy further at this level.
(2) Yesterday was the last day of the month , we saw that the price of gold increased 25$ in a very short time. If this is due to the long positioning of commercial traders, then we might say that the speculative traders driving the market have taken short positions for the month of September. And if so, this explains that the big traders with short positions did not buy today but instead continued to sell, which would mean a major retracement of prices or a new downward rally is on the way. We will see this in the CoT report to be published Friday next week.
I still can not find a driving reason for the breakout of 1300 level suddenly on Monday???

إخلاء المسؤولية