08.08.201405:39 Forex Analysis & Reviews: Technical analysis of Gold for August 08, 2014

Long-term review

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Technical outlook and chart setups:

1. Gold is pushing higher as expected since $1280.00 levels. The metal could pullback towards the $1,290.00/95.00 region again, before continuing further rally. Recommendations are to hold on to long positions and also look to add further on dips.

2. Support is seen at $1295.00/90.00, followed by $1280.00 and lower while resistance is seen at $1,224.00 followed by $1,240.00 and higher respectively.

3. The structure indicates that Gold remains clear buy on dips for now.

Trading recommendations:

Hold long positions for now, also add towards $1,295.00, stop at $1,280.00.

Good luck!

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