Price is moving in rage right above the 38.2% retracement level and tries to resume the upside movement. Is still trapped within the extended sideways movement, so only a valid breakout will bring us a clear direction. Technically is still expected to resume the upside movement, but remains to see if will have enough directional energy to do this after the false breakout above the 23.6% retracement level.
Gold registered some gains today as the USDX goes down ahead the US data release and most important ahead the FED Chair Yellen’s speech, the ECB President will speak as well tonight.
The yellow metal will lose altitude if the USD will jump higher in the upcoming hours, the Core Durable Goods Orders could increase by 0.4%, while the Durable Goods Orders may drop by 6.0% in July versus a 6.4% growth in the former reading period.
Price is narrowing before will start an impressive movement, remains to see the direction because anything could happen after the Jackson Hole Symposium speeches. Technically was somehow expected to breakout from this range, but the buyers were too exhausted. Maintains a bullish bias as long as is trading above the 38.2% retracement level. The false breakout above the 23.6% retracement level signaled another leg lower, but this scenario will take shape only if the USDX will jump and will stabilize above the 93.81 static resistance.
