FX.co ★ Weekly forecast and an intraday analysis of Gold for July 07-11, 2014

GOLD-

The metal opened on a minor bearish note in Asia's session. The metal looks good only above $1,320.70 levels on the down side, it has support at $1,315 levels. On the weekly basis, as we recommended earlier, fresh longs are only above $1,332, now it is above $1,320.70. On the down side, it has weekly support at $1,309.50, below this, $1,305.80 levels. The daily RSI still favors bears.

Intraday- cmp $1,319.70

The metal is trading below the hourly moving averages. The metal has strong resistance at $1,320.70, above this, $1,321.50, $1,323 and $1,324.60. Until the metal breaches $1,320.70, we expect it to fall to $1,315 initially and later $1,309.50. A fter a break below $1,315 only, we can see next down fall. Traders can take partial profit at $1,315 levels. The bulls are back on track only above $1,326.50.

Recommendation- cmp $1,319.70.

Sell with sl $1,320.70 and targets $1,315, sell more below $1,315 for $1,309.50.

Safe buying is only above $1,326.50.

Risky traders, buy above $1,321 with targets $1,323, $1,324.60 and $1,326.50.