Gold intraday technical levels and trading recommendations for August 5, 2013
August 5, 2013 3:30 pm
Supply Levels: 1,340.20, 1,370.40, and 1,423.30.
Demand Levels: 1,312.20, 1,256.00, and 1,209.
Bullish breakout above previous congestion zone extending between 1,265-1,298 took place on Monday. This enhances the ongoing uptrend.
Lack of bullish steam was apparent on the daily chart after hiting 1,347.8, successive daily inside bars were trapped within pin-bar price range until Friday when the metal expressed bullish hammer candlestick that reached down to 1,282.90.
The current situation supports a correction movement towards 1,299 provided that the metal could not break down the low of Friday at 1,282.90.
A bullish position was suggested at retesting of 1,285 with SL located below 1,260, our position was triggered last week and running in profits now.
Fundamentally, Gold prices settled higher than level of $1,300 per ounce during the trading day, as the dollar fell after U.S. data variation over the past week, resulting in the spread of mistrust among investors about the Fed starting reducing monetary easing in September.
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: 1,312.20, 1,256.00, and 1,209.
Bullish breakout above previous congestion zone extending between 1,265-1,298 took place on Monday. This enhances the ongoing uptrend.
Lack of bullish steam was apparent on the daily chart after hiting 1,347.8, successive daily inside bars were trapped within pin-bar price range until Friday when the metal expressed bullish hammer candlestick that reached down to 1,282.90.
The current situation supports a correction movement towards 1,299 provided that the metal could not break down the low of Friday at 1,282.90.
A bullish position was suggested at retesting of 1,285 with SL located below 1,260, our position was triggered last week and running in profits now.
Fundamentally, Gold prices settled higher than level of $1,300 per ounce during the trading day, as the dollar fell after U.S. data variation over the past week, resulting in the spread of mistrust among investors about the Fed starting reducing monetary easing in September.
The material has been provided by InstaForex Company – www.instaforex.com
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