FX.co ★ Short term forecast and intraweek recommendations on Gold for August 06, 2014

The metal was rejected at 50DSma again in a row of 3 days. Today in Asia's session, the metal opened on a minor bullish note lower at $1,287.30. Until the metal holds the $1,287 level, it can fly up to $1,295 (50DSma). If it breaks the $1,287 level, it can take support at $1,285 (200DSma) and $1,280. The panic will be triggered only below $1,280. We can see a strong up move only if a daily close above $1,295-$1,296 level towards 1,300, 1,303 and 1,310 levels. The lower level buying and Ukraine concerns are supporting the yellow metal.

Support $1,287, $1,280, $1,275.

Resistance $1,295-$1,296, 1,303, 1,311.

Daily/Weekly close above $1,296, the near term turns to positive (August).

Short-term upside reversal only above 1,324.50

Intraday cmp $1,288

We recommend buying at $1,288 with a small sl $1,287 (as of now low) for targets at $1,291, $1,292.50, $1,293.60, $1,294.90 and $1,297. Safe buyers can buy only above $1,291. A support level is at $1,287 (35hrsma), $1,285 (200DSma), $1,282 and $1,280. We recommend selling only below $1,280 for a downside target at $1,278, $1,275 and $1,271 levels.

Safe traders, buy above $1,291.