The US GDP for the second quarter gained 1.7% and better than forecast, hence injecting investors’ confidence for a potential recovery. The US Federal Reserve, European Central Bank (ECB), and Bank of England (BoE) are keeping the monetary policy and interest rate as status quo amid rumours of tapering stimulus in September. On Friday, American payrolls rose 162,000 in July and below consensus despite unemployment jobs dropping to 7.4% from 7.6% in June.
Gold prices slid after the middle of last week. Market rebound from 1,282.00 lows and closed at 1,310.00 levels on Friday. This week, we reckon that gold prices to likely to continue in southern trend while aiming at 1,270.00 regions. Breaking below this level may trigger massive selling pressure and tumble to 1,220.00 regions. On the other hand, we foresee strong sellers might ambush at 1,330.00 areas while reversing above 1,340.00 woulod need you to abandon your short-view.
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