The metal finally managed to trade above 50WSma. The trading pattern is framed inside previous week's up high and low. The metal held $1,280 level, made a minor spot there and moved above the near- and short-term moving averages. The only one odd level is standing at $1,309.50, yesterday the metal was faced resistance at this level. Once it breaches that, we will see huge upside, for a potential target. As we recommended in our yesterday's article, a buy above $1,291 minted good money.
Daily/Weekly close above $1,296, the near term turns positive (August)- Done
A daily close above $1,309.50 (200DEma), the weekly trend turns positive- Pending
Short-term upside reversal is only above $1,324.50- Pending
August-December, 2014
Support: $1,280, $1,258.60, $1,240
Resistance: $1,311, $1,344.70, $1,360
Intraday cmp $1,306.80
The prices are closed above the 21hsma, 34hrsma and 12ema. For the last 10 hours, the metal has been trading in a range between $1,305-$1,308. The metal has support at $1,301.60, $1,300, $1,298.50, below 12ema at $1,298.50, the metal looks weak. It can look back to $1,296, $1,294.50, $1,293.75 and $1,292.
The metal must close above $1,296 to hold the current bull's strength.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Monthly forecast and an intraday recommendation on Gold for August 07, 2014 . Thanks for your support on Monthly forecast and an intraday recommendation on Gold for August 07, 2014
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