FX.co ★ Technical analysis of gold for June 26, 2014

In yesterday's session the metal took support at 200-day Ema at $1,309.50 levels, it pulled back to a resistance level at $1,325 levels. In Asia's session the metal is trading at $1,316.50 levels, trading below resistance levels at $1,325 and $1,321.50. Initially the metal has support at $1,315, below this, we can see some profit booking up to $1,310, $1,306, $1,303, $1,299, $1,286, and $1,283 levels. We can see huge selling pressure below $1,309-$1,306 levels. On the upside, it has resistance at $1,321.50, $1,325 levels, above this, we can see the next round of buying up to $1,327.50, $1,330.50, $1,334.60, $1,342. We can expect safe buy only above $1,330.70 levels. The daily momentum indicators favor selling on the rallies. The unwinding action takes place below $1,309.50 for $1,306, $1,303, $1,299 levels. The bears will take the metal completely into their hands aiming at $1,283 levels.

Intraday-

For an intraday view, the metal is trading below the hourly moving averages. The unwinding action takes place below $1,309.50 for $1,306, $1,303, $1,299 levels. The bears will take the metal completely into their hands aiming at $1,283 levels. If the metal trades below the $1,315 level, we can see a bit down fall up to $1,310. If it breaches above $1,319.50, we can see some up move towards $1,323 and $1,325 levels. Above $1,325, we can see some fresh buying for $1,327.50 and $1,330-$1,334 levels.

Positional -Sell on the rise.

Intraday - cmp $1,316.50.

Sell below $1,315, add more below $1,309.

Buy above $1,319.50, add more above $1,325.