24.06.201408:41 Forex Analysis & Reviews: Intraday analysis of gold for June 24, 2014

GOLD

Weekly- The yellow metal moved to lower levels in yesterday's session and regain its strength at 200-day Ema at $1,309.50, changed its direction towards the previous highs. Gold made a minor top at $1,321.50 until it breaches it, it is not safe to enter fresh longs. On the down side, it has strong support at $1,309.50 levels, below this, $1,306 is an immediate support. This week, bulls must close above $1,300 levels to continue their rally towards $1,330 and $1,370 levels.

Fresh buying is only above $1,3212 for $1,327.50, $1,330.70 and $1,334.60 levels.

Intraday-

In Asia's session the metal is trading at $1,314.90 levels. The resistance level existed at $1,318 and $1,321.50 levels and support is at $1,314, $1,309.50, $1,304.40 and $1,299 levels. The RSI gave an early warning of the support level in the h4 chart. For an intraday basis the metal looks weak below $1,312.50 and strong above $1,319.50 levels. Until the metal breaches $1,319.50-$1,3221.50, traders can use selling on the rise strategy for $1,304-$1,303 levels (panic is only below $1,309).

NOTE- cmp $1,314.90.

Sell below $1,312.50 for targets at $1,309.50, $1,306.50 and $1,304-$1,303 or sell at $1,317.50.

Resistance zone is $1,318.50-$1,319.50-$1,321.50.