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August 5, 2014

GOLD Daily forex post- US session August 5, 2014

Posted by: ffs @ 13:30 GMT Category: Daily Forex,GOLD,Signals

GOLD Technical view

Updated:  August 5, 2014 13:30:12 GMT
SPOT GOLD Previous day OHLC
Open High Low Close Change
1293.67 1295.50 1285.86 1288.04 -5.55
Today's Support and Resistance
Resistance
Support
R3 1308.00
R2 1300.00
R1 1298.00
S1 1286.00
S2 1277.00
S3 1264.00

Gold is edging lower on Tuesday, holding near key trendline supports at $1286.00. The precious metal is well supported until $1277.00, but is likely to breach the levels in the near term and head to $1260.00- 1265.00. A close above $1308.00 will negate the bearish view

Trend direction

  • Short term: Bearish
  • Medium term: Bearish
  • Long term: Bearish

Trading Recommendations

  • Short:

    • Hold on to short trades initiated at $1288.00 with stops at $1298.00 for targets of $1270.00
  • Long:

    • N/A
Post ID: 9737
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