FX.co ★ Weekly forecast and an intraday analysis of Gold for July 29-August 01, 2014

Weekly view

The metal is trading above 50WSma. In yesterday's early sell-off it held the short-term key support. The metal has managed to close above the 50WSma for the last two weeks. It's a good sign for the short-term bullish thoughts. By the end of this week, if the metal closes above the 50WSma at $1,298, we can expect a short run to start from the next week onwards, if not we can see a correction towards $1,287, $1,275 and $1,260 levels.

Weekly support $1,298 $1,287

Intraday cmp $1,304.70

The metal is trading above the hourly moving averages. It has support at $1,303 and $1,299. We recommend to sell only below $1,298, until that use a dip to buy. On the upside, it has resistance at $1,309, $1,311, $1,315 and $1,318 levels. The weekly uptrend strong reversal is placed at $1,324.30, above this we can see $1,344 levels.

Sell only below $1,298.