You are here: Home > articles > Forex > Gold intraday technical levels and trading recommendations for August 16, 2013
Gold intraday technical levels and trading recommendations for August 16, 2013
August 16, 2013 3:30 pmVideo
Latest News
- Video market update for May 09, 2024 May 9, 2024
- Analysis of EUR/USD pair on May 9th. Euro woke up after the Bank of England meeting May 9, 2024
- Analysis of GBP/USD pair on May 9th. Andrew Bailey did all he could May 9, 2024
- USD/JPY: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- GBP/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- EUR/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- Technical Analysis – GBPUSD retreats further after BoE’s decision May 9, 2024
- Technical Analysis – UK 100 index swings to all-time high May 9, 2024
- GBP/USD: trading plan for the US session on May 9th (analysis of morning deals). The pound continues to be held within the May 9, 2024
- EUR/USD: trading plan for the US session on May 9th (analysis of morning deals). The euro rebounded from 1.0726 May 9, 2024
- EUR/USD. May 9th. Bulls have exhausted their strength May 9, 2024
- GBP/USD. May 9th. Bulls fear Bailey’s “soft” rhetoric May 9, 2024
- Midweek Technical Look – EURUSD, Gold, US 500 May 9, 2024
- Technical Analysis – EURCHF flirts with uptrend line May 9, 2024
- Technical Analysis – EURGBP runs out of steam near 0.8600 May 9, 2024
- Forex forecast 05/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga May 9, 2024
- USD/JPY: trading tips for beginners for European session on May 9 May 9, 2024
- Technical Analysis – USDJPY advances after bouncing off 50-day SMA May 9, 2024
- Market Comment – Pound slides ahead of Bank of England decision May 9, 2024
- Technical Analysis – NZDUSD bulls face strong resistance May 9, 2024
Supply levels: 1,370.40 and 1,423.30.
Demand levels: 1,340.20, 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 new demand zone around 1,340 which was established after bullish breakout of the congestion zone 1,316.00 – 1,343.00 took place Yesterday.
Our running BUY position triggered on Monday can be closed at the current prices and we come to buy the metal again around 1,340.00 on retesting.
The metal will probably find temporary supply off 1,370.00 which may lead to some corrective movement towards 1,340.00.
Bullish breakout above 1,365.00 opens the way towards the next supply level around 1,423.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: