ITechnical analysis of Gold for August 08, 2014



Technical outlook and chart setups:
1. Gold is pushing higher as expected since $1280.00 levels. The metal could pullback towards the $1,290.00/95.00 region again, before continuing further rally. Recommendations are to hold on to long positions and also look to add further on dips.
2. Support is seen at $1295.00/90.00, followed by $1280.00 and lower while resistance is seen at $1,224.00 followed by $1,240.00 and higher respectively.
3. The structure indicates that Gold remains clear buy on dips for now.

Trading recommendations:
Hold long positions for now, also add towards $1,295.00, stop at $1,280.00.


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