07.08.201406:26 Forex Analysis & Reviews: Monthly forecast and an intraday recommendation on Gold for August 07, 2014

Long-term review

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The metal finally managed to trade above 50WSma. The trading pattern is framed inside previous week's up high and low. The metal held $1,280 level, made a minor spot there and moved above the near- and short-term moving averages. The only one odd level is standing at $1,309.50, yesterday the metal was faced resistance at this level. Once it breaches that, we will see huge upside, for a potential target. As we recommended in our yesterday's article, a buy above $1,291 minted good money.

Daily/Weekly close above $1,296, the near term turns positive (August)- Done

A daily close above $1,309.50 (200DEma), the weekly trend turns positive- Pending

Short-term upside reversal is only above $1,324.50- Pending

August-December, 2014

Support: $1,280, $1,258.60, $1,240

Resistance: $1,311, $1,344.70, $1,360

Intraday cmp $1,306.80

The prices are closed above the 21hsma, 34hrsma and 12ema. For the last 10 hours, the metal has been trading in a range between $1,305-$1,308. The metal has support at $1,301.60, $1,300, $1,298.50, below 12ema at $1,298.50, the metal looks weak. It can look back to $1,296, $1,294.50, $1,293.75 and $1,292.

The metal must close above $1,296 to hold the current bull's strength.

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