FX.co ★ Intraday trading recommendations on Gold for September 09, 2014

The metal took the support at $1,250 and managed to close above $1,254 at a previous session. Today, the metal opened with a bullish note opening low. The metal has resistance at $1,257, above this the metal will regain some strength by lower level buying. The metal has resistance at $1,268-$1,269 and $1,272.80. The weekly resistance existed at $1,282.50 (20Dsma). Until the metal closes above $1,282.50, the near term favors selling on an up move. On the down side, below $1,250 it can extend its fall up to $1,247, $1,245, and $1,240. The medium-term break down will trigger below $1,240 towards the $1,220 and $1,210 levels.

Support $1,250 $1,245 $1,240.

Resistance $1,257 $1,262 $1,268-$1,269.

Intraday cmp $1,256.70.

We recommend to buy for an hourly and intraday basis at cmp. The real power will gain above $1,260 towards $1,261, $1,264.50 and $1,267.50. Hourly traders can buy with sl $1,255, intraday trades can use sl $1,250. Strong sell will emerge below $1,250, traders can reverse their trade if $1,250 taken off for a down side target $1,245 and $1,240 levels.