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FX.co ★ Intraday trading recommendations on GOLD for August 26, 2014

Intraday trading recommendations on GOLD for August 26, 2014

Intraday trading recommendations on GOLD for August 26, 2014

The yellow metal ran up to $1,290 and closed at $1,280.60. It has been consolidating for the last 5 days. Today, the metal opens above previous close, which resulted in strong opening. It is facing strong resistance at $1,285 on closing basis. As we recommended yesterday, the metal touched our targets and came back.

If a daily close is above $1,285, the near-term sharp run will take place. - pending

If it closes above $1,285, it can fly up to $1,295, 1300, and 1306 in the near term.

For an hourly trading view, the metal prices are closed above key hourly moving averages. The metal has support at $1,282, $1,279.80, and $1,276.50.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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