Sight Deposits have risen by +1.1 bn CHF. This means that the SNB is intervening and buying Euros and Dollars. We saw some sharp moves last week in the EURCHF and USDCHF pair on light news flows. It was most likely the SNB intervening and the increase in total deposits is the smoking gun. I can see this getting tricky for the SNB if we see a prolonged global downturn.
As I discussed in the previous review, the Gold managed to complete the downside correction and is heading to test my first upward target at $1,955 from last week.
The level at $1,955 seems like important pivot level resistance for the further development.
Further Development
Analyzing the current trading chart, I found that the buyers are iin control today and that there is potential for test of $1,955 and $1,974.
Watch for buying opportunities on the dips with the upside targets at $1,955 and $1,974.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Lumber and DAX today and on the bottom VIX and Lean Hogs.
Key Levels:
Resistance: $1,955
Support level: $1,945