Gold intraday technical levels and trading recommendations for August 14, 2013
August 14, 2013 4:15 pm
Supply levels: 1,340.20, 1,370.40, and 1,423.30.
Demand levels: 1,315.00, 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 defended by bulls around 1,315.00 yesterday.
Our suggested BUY position triggered yesterday around 1,315 is running in profits, some profits should be taken around 1,330 and SL should be advanced to 1,310 to offside the remaining risk.
The metal remains bullish towards 1,350.00 then 1,365.00 unless breakdown of 1,295.00 takes place first.
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: 1,315.00, 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 defended by bulls around 1,315.00 yesterday.
Our suggested BUY position triggered yesterday around 1,315 is running in profits, some profits should be taken around 1,330 and SL should be advanced to 1,310 to offside the remaining risk.
The metal remains bullish towards 1,350.00 then 1,365.00 unless breakdown of 1,295.00 takes place first.
The material has been provided by InstaForex Company – www.instaforex.com
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