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GOLD
The metal was rejected at $1,324 levels, hit the 200DEma, and closed below that. As we expected to close above $1,324.50, the short term will turn positive, but it was rejected below that level. The metal has resistance at $1,312 levels, above which it looks safe to buy. The geopolitical concerns over Russia and Ukraine are receding. The metal opened below the 200DEma. Until the prices close below $1,309.50, sellers will mint the money.
Bears' perspective-
Prices closed below $1,309.50, intraweek turns to selling on an up move.
Prices trade below $1,312, intraweek turns to selling on an up move.
Bulls perspective
Daily/Weekly close above $1,309.50 (200DEma), the near term turns positive (August)- Pending
A daily close above $1,312, the weekly trend turns positive- Pending
Short-term upside reversal is only above $1,324.50- Pending
Intraweek August 12-15
Support $1,302 $1,300 $1,294
Resistance $1,310 $1,312 $1,324.50
Intraday cmp $1,306.50
The metal is trading below the 12ema and 21hrsma, which indicates a bearish for an intraday basis. On the down side, it has support at $1,302, this is the last hope for the bulls to hold. We recommend buying only above $1,309.50/$1,310, until it sellers will mint the money. We can see the selling pressure below $1,302, panic, below $1,300 towards $1,294 and $1,290 levels.
Sell with sl $1,309.50
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