FX.co ★ Intraday trading recommendations on Gold of September 12,2014

Gold hit the key support level of $1,240, made a low at 1234.75. As we recommended earlier, free fall is expected again below $1,240 towards $1,230 initially. Later, the yellow metal will keep on falling towards $1,224 and $1,210. On the other side, it has resistance at $1,240, above this $1,258 will act as major resistance. Until the metal closes above $1,276, sell on every up move. Today, the metal opened below the previous day close; it means that weakness is still keeping in the metal. For an intraday trading view, the metal has support at $1,231 below this at 1220; 1210 is the support level. The metal is facing strong resistance between 1240-1242 in h4 chart. Above this, the metal can move upwards to the $1,249 and $1,250 levels. We can see a sharp upmove only above $1,254.85 (rounded to $1,255), safe buy will be triggered only above $1,255 with the target at $1,260. Until a h4 candle closes above $1,255, selling on upmove will mint the money. Fresh sell will be possible below $1,231 towards the $1,220 and $1,210 levels.