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August 8, 2014

GOLD Daily forex post August 8, 2014

Posted by: ffs @ 04:25 GMT Category: Daily Forex,GOLD,Signals

GOLD Technical view

Updated:  August 8, 2014 4:25:51 GMT
SPOT GOLD Previous day OHLC
Open High Low Close Change
1305.54 1314.40 1301.76 1313.20 7.20
Today's Support and Resistance
Resistance
Support
R3 1337.00
R2 1335.00
R1 1317.00
S1 1308.00
S2 1303.00
S3 1299.00

Spot Gold extended gains to the second straight session in a row, pausing near Fibonacci levels at $1317.00. Close above and the gains should extend to medium term bullish breakouts at $1335.00- 1340.00, before being capped. On the downside, supports clubbed from $1300.00- 1308.00. Short the metal on gains leading to the breakouts

Trend direction

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

Trading Recommendations

  • Short:

    • Short Gold at $1336.00 with stops at $1342.00 for targets of $1300.00
  • Long:

    • N/A
Post ID: 9781
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