Jul. 31st gold price trend analysis

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Jul. 31st gold price trend analysis
International gold price volatilized and went downside, suffered a sharp decline during night, touched 1291 and rebounded to 1300 temporarily went downside again and kept weak. Today’s Asian early trading gold chart fluctuate and arranged slightly, currently closed at about 1295USD/oz.

As for data, U.S. July ADP employment is not as good as expected. However, U.S. quarterly GDP (original) released afterwards had a powerful surge, and that boost U.S. dollar index up to a annual high, which press gold broke 1300 support line. Still gold managed to stand above 1290. Currently gold daily chart kept weak, MADC green bar is enlarging, trading short positions when price temporarily rebounded.

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