FX.co ★ Technical Analysis of Gold for August 22, 2014

The chain of upbeat data from the US pushed the metal to short-term key support levels and made a low at $1,272.80. In the weekly chart, the metal is trading near the 8-month support trend line. If it hits and closes below today, the yellow metal will push towards the $1,265, $1,262, $1,258 and even $1,240 levels in the near term. This Monday (August 18, 2014), we recommended selling with sl 1303.50-1305 minted good money. Yesterday, we recorded selling with sl at $1,291.50. Both gave good returns. Instead of saying, that bears fight bulls, we can say strategists fight the news (The US Fed) at the end of the day. The closing prices will give one side move in the short term.

Support is at $1,270, $1,266, and $1,260-$1,258

Resistance is at $1,285, $1,293, and 1303.50-1305

The pair has been making lower low's and lower high's from the first trading in this week. As of now, the pair made a higher low in today's Asian session. The prices are closed and trading below the 12ema, negative for intraday. Until the price closes above 12ema in the h4 chart at $1,284, selling on an up move will mint money.

Hourly- Intraday

Fresh sell below $1,276.