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August 6, 2014

GOLD Daily forex post August 6, 2014

Posted by: ffs @ 03:54 GMT Category: Daily Forex,GOLD,Signals

GOLD Technical view

Updated:  August 6, 2014 3:54:23 GMT
SPOT GOLD Previous day OHLC
Open High Low Close Change
1287.65 1293.40 1282.30 1287.74 -0.30
Today's Support and Resistance
Resistance
Support
R3 1309.00
R2 1300.00
R1 1296.00
S1 1285.00
S2 1277.00
S3 1264.00

Gold rebounded from the session lows after breaching key trendline supports at $1285.00 briefly. The precious metal could continue oscillating in the $1280.00- 1300.00 range with a bearish bias, for the next couple of sessions. Key supports at $1277.00, breach of which, prices could slide to $1260.00- 1265.00, while on the upside, a close above $1308.00 will be bullish for the metal

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: 9749
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