Gold Futures Update

Gold jumped surprisingly yesterday after the dovish Beige book comments by the FED breaking the short term downtrend the 17th of July and went through 624,20 resistance spiking through the 631 /oz, now targeting the 637/oz level .

The Rome Summit turned out to be a big disappointment where no solutions to the ongoing middle East conflict were presented. As the summit kicked off gold dropped on high expectations.

Current nature of the Gold futures leaves us to continue treat it as an intra day affair where the volatility offers good trading possibilities both ways..

We are currently long, and looking to go further long from $630/oz ( $625 if seen) targeting 637 and 641,20 resistance levels