GOLD
The metal is facing strong resistance at the 61.8 fib level ($1,334-$1,334.60). As we recommended earlier, fresh longs should be placed only above $1,335. Still, we stick to the same scenario. The daily RSI is in consolidation phase at an overbought level. So we can observe the limited up move. However, if the metal goes through any sudden spike supported by today's US economic data, it is not likely to sustain at higher levels. The metal has strong support level at $1,310, $1,305 and $1,300. On the bull side, if the metal manages to breach the $1,334.60, we recommend buying at $1,335 for 38, $1,340, $1,354, $1,360, $1,370 and $1,390 levels.
Intraday- cmp $1,324
The metal is trading at $1,324 in Asia's session. It opened the session in a mild bearish phase. It is trading below 35 hr Dema and is holding the support level at $1,323 (21 hr Sma). Below it, the metal has intraday final support between $1,320-$1,318. We can see a huge panic button below $1,318 for $1,315, $1,310.10 and $1,305.50 levels. The metal has an immediate resistance at $1,325.60 (4 hr high) above $1,327.10,$1,329, $1,331 and $1,334.60 levels.
Safe traders:
Sell below $1,318
Buy above $1,335
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Intraday recommendations for Gold (July 03, 2014) . Thanks for your support on Intraday recommendations for Gold (July 03, 2014)
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