Weekly forecast and intraday trading recommendations for August 12-15, 2014 GOLD The metal was rejected at $1,324 levels, hit the 200DEma, and closed below that. As we expected to close above $1,324.50, the short term will turn positive, but it was rejected below that level. The metal has resistance at $1,312 levels, above which it looks safe to buy. The geopolitical concerns over Russia and Ukraine are receding. The metal opened below the 200DEma. Until the prices close below $1,309.50, sellers will mint the money. Bears perspective- Prices closed below $1,309.50, intraweek turns to selling on an up move. Prices trade below $1,312, intraweek turns to selling on an up move. Bulls perspective Daily/Weekly close above $1,309.50 (200DEma), the near term turns positive (August)- Pending A daily close above $1,312, the weekly trend turns positive- Pending Short-term upside reversal is only above $1,324.50- Pending Intraweek August 12-15 Support $1,302 $1,300 $1,294 Resistance $1,310 $1,312 $1,324.50 Intraday cmp $1,306.50 The metal is trading below the 12ema and 21hrsma, which indicates a bearish for an intraday basis. On the down side, it has support at $1,302, this is the last hope for the bulls to hold. We recommend buying only above $1,309.50/$1,310, until it sellers will mint the money. We can see the selling pressure below $1,302, panic, below $1,300 towards $1,294 and $1,290 levels. Sell with sl $1,309.50 The material has been provided by InstaForex Company - instaforex
Posted on: Tue, 12 Aug 2014 06:21:26 +0000
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