Gold intraday technical levels and trading recommendations for August 13, 2013
August 13, 2013 4:15 pm
Supply levels: 1,340.20, 1,370.40, and 1,423.30.
Demand levels: 1,322.00, 1,282.00, 1,266.00, 1,255.10, and 1,209.
Bullish breakout above previous congestion zone extending between 1,265-1,298 took place, the bullish momentum was confirmed with previous Friday’s price action (bullish hammer). However, a lack of bullish steam after hiting 1,347.8 led to a strong dip down below 1,282.95 (the recent bottom) that was contained around 1,272.40 slightly above the lower limit of the congestion zone.
A bullish position was suggested at retesting of 1,285 with SL located below 1,260, our position is running in profits now. Moreover, the metal established a demand zone around 1,315 which was temporarily defended by bulls around 1,322.00 earlier today.
Another BUY position can be taken around 1,315 with SL as 4H closure below 1,304.
The metal remains bullish towards 1,350.00 unless breakdown of 1,270 takes place.
The material has been provided by InstaForex Company – www.instaforex.com
Supply levels: 1,340.20, 1,370.40, and 1,423.30.
Demand levels: 1,322.00, 1,282.00, 1,266.00, 1,255.10, and 1,209.
Bullish breakout above previous congestion zone extending between 1,265-1,298 took place, the bullish momentum was confirmed with previous Friday’s price action (bullish hammer). However, a lack of bullish steam after hiting 1,347.8 led to a strong dip down below 1,282.95 (the recent bottom) that was contained around 1,272.40 slightly above the lower limit of the congestion zone.
A bullish position was suggested at retesting of 1,285 with SL located below 1,260, our position is running in profits now. Moreover, the metal established a demand zone around 1,315 which was temporarily defended by bulls around 1,322.00 earlier today.
Another BUY position can be taken around 1,315 with SL as 4H closure below 1,304.
The metal remains bullish towards 1,350.00 unless breakdown of 1,270 takes place.
The material has been provided by InstaForex Company – www.instaforex.com
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