Gold held the 100 DSma during Friday's session and pulled back a bit. In today's session, the metal is facing resistance at 200 DEma. For the week July 21-25, the trading pattern is framed between $1,291-$1,346. If the metal breaches the upside resistance at $1,346, it can fly up to $1,360, $1,391 and $1,400. On the down side, if the metal hits $1,291, we can see $1,286, $1,286 and $1,260 levels. Until the metal closes above the 50 DSma $1,291, the bulls might take the pair towards higher levels.
For an intraday basis, the metal is facing resistance at $1,312 levels. The metal has support at $1,306.50 and $1,304 levels. On the upside, if the metal breaches $1,312, it can fly up to $1,315, $1,318 and $1,324 levels. To continue its upside move, the bulls will breach $1,322 as soon as they can.
Buyers can use sl $1,304 or sell only below $1,304.
The material has been provided by InstaForex Company - www.instaforex.com
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