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Gold Daily Market Update 15th Aug

15/8/2013

1 Comment

 
Trade Gold Online - Daily Gold Trading Blog
Gold rose yesterday to recover its losses from Tuesday in response to a weaker dollar, short covering and an increase in its safe-haven appeal as the unrest in Egypt intensifies.

The upper boundary of the sideways channel at 1347 was tested overnight and held, for the third time, confirming it as a key resistance level.  Should this level give way, we’d expect to see prices rise quite quickly towards 1400 as stops are taken out and trades take short-covering positions.  There is resistance at 1385 and again at 1400.  Should the market move beyond 1350, we don’t expect to see prices exceed 1400.

In the near-term, we still favour the short-side with a fall back towards 1300 likely.  There is support at 1324, 1318, 1309 and 1300 – below that we see support at 1285 and 1272.


1 Comment
Commodity Tips link
30/8/2013 11:15:31 pm

In past of few days gold price is down but now it price so high. i think in future gold price increase day by day.

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