FX.co ★ Technical analysis of Gold for August 08, 2014

In today's Asian session, gold is trading at the strong support 200DEma at $1,309, as of now the metal made a low at $1,308.40. The metal is trading at a week's high. We initially recommended to buy gold at $1,291, later at $1,312 and again at the current market price at $1,309.50. We are recommending buying gold for a target at $1,315, $1,318, $1,320 and even $1,324 levels. It favors further upside, the strong 2 consecutive days close made gold strong in the near term.

Daily/Weekly close above $1,296, near term tutns to positive (August)- Done

A daily close above $1,309.50 (200DEma), a weekly trend turns to positive- Done

Short-term upside reversal is only above $1,324.50- Pending

If the metal manages to breach the $1,324.50 level, we can see huge upside potential towards $1,330, $1,344 and $1,360 levels.

Intraday cmp $1,309.50

The metal prices are trading and closed above the intra week key support levels. Until the prices close above $1,294 , the uptrend still continues towards $1,318-$1,319.50 and $1,324 initially, later $1,330-$1,332 levels.

Support $1,301 $1,298.50 $1,294.50