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Chart Analysis: Gold

CMC Markets

August 15, 2014 12:00 pm EDT It’s been a wild day for gold so far. It took a nosedive after breaking trend support near $1,310 plunging down through $1,300 setting off a bunch of stop losses and falling toward $1,290. It then turned around just as fast, spiking back up toward $1,310 after the Ukrainian attack on a Russian convoy shook up the complacent and reminded everyone political events can flare up at and time putting a big back under gold. For the last few months gold has been range bound trading in a channel mainly between $1,290 and $1.322. Next week could be a potentially active one for gold. Not only is there the potential for politically driven trading depending on what happens or doesn’t happen. It’s also a huge week for central bank comments on monetary policy between the FOMC Jackson Hole symposium (including speeches from Fed Chair Yellen and ECB President Draghi), FOMC and MPC minutes, testimony in Sweden and Australia and a number of other speeches and reports that could impact how gold trades against a number of paper currencies.

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