Forex trading signals and analysis for GOLD – 12 Aug 2014

Forex trading signals and analysis for GOLD – 12 Aug 2014

Analysis:

Gold continued to move up but could not break 1324 short term resistant level to move up further, instead it rotated back back to 1306. We can see clearly on the daily chart that there was strong rejection at 1324 zone and gold trading below 1313 with support at 1306 zone after that. 1324 resistant level is stronger now.

Although gold is still in long term down trend but medium term is in range with a bias uptrend. For the upside, if gold broken 1324 zone, 1331 and 1341 will be tested soon. For the downside, 1300 and 1292 will be next support levels.

XAUUSDDaily 12 Aug 14

Forex Trading Signals:

We will watch for signals to sell gold around 1312, 1324 or buy gold around 1301 today.

Support zone:

– 1299 – 1301

– 1291 – 1293

Resistant zone:

– 1323 – 1325

–  1331 – 1333

-1341 – 1343

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