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August 10, 2014

GOLD Daily forex post August 11, 2014

Posted by: ffs @ 11:26 GMT Category: Daily Forex,GOLD,Signals

GOLD Technical view

Updated:  August 10, 2014 11:26:28 GMT
SPOT GOLD Previous day OHLC
Open High Low Close Change
1313.24 1322.60 1305.90 1309.34 -3.85
Today's Support and Resistance
Resistance
Support
R3 1361.00
R2 1331.00
R1 1323.00
S1 1290.00
S2 1286.00
S3 1273.00

Gold edged lower on Friday, coming off the session highs after grazing key trendline resistances at $1323.00. Near term, the gains are likely to be capped at $1320.00- 1330.00, while on the downside, supports firmly placed at $1284.00- 1290.00. Trend remains bearish and a close below $1284.00, prices could slide sharply below the $1200.00 mark

Trend direction

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

Trading Recommendations

  • Short:

    • Short at $1323.00 with stops at $1333.00 for targets of $1290.00
    • Short also at $1330.00 with stops at $1338.00 for targets of $1290.00
  • Long:

    • N/A
Post ID: 9797
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