Gold – Weekly Forecast 12-16 Aug 2013

gold _ usd

The XAUUSD maintained a bullish momentum last week, after rebounding from 1270 levels, broke above the 1307 levels, this development leaves the pair targeting the 1347 levels, a halt could be seen around this level, but a breach will turn the focus on the 1385 levels, above this level will aim the 1424 levels.

On the downside, support is at 1305, followed by 1283 levels, main support comes at the 1370 levels, to reverse risks to the downside, the pair needs to break and hold below the 1370 levels on a daily closing basis, If seen, next support is at 1244 ahead of the 1208 levels.

Support and Resistance levels on the daily chart: 1180, 1208, 1244, 1270, 1307, 1347. 1385, 1425

On the weekly chart, rise from 1180 could extend towards the 1392 levels, especially after rejection from the weekly support 1270, added to that; rejection was confirmed on the daily chart.

Anyway, to weaken the current bullish run, a weekly close below 1270 is needed for retesting 1180 levels, otherwise, the risk will remain to the upside towards the 1400 levels in short term.

Support and resistance on weekly: 1180, 1270, 1392, 1450, 1591…





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