Gold Weekly Forecast 29 Jul – 02 Aug 2013

gold _ usd

The Gold extended its gain towards 1348 levels last week after breaking above 12999 levels. Support is at 1313.21. A break below this level will open the way towards 1270.14 levels. Below 1270.14 will bring a free fall towards 1209 levels.

On the upside. Resistance comes at 1348 levels. Above this level will extend gains towards 1385 where a breach will turn the focus on the 1424 levels.

In all as long as 1313.21 holds on a daily closing basis, the pair is likely to try upward toward 1348 levels.

In the long/medium term view, the weekly close above 12999 confirms short term bottoming at 1180 levels and opens the way for retesting 1395/1425 levels where a strong cap is suggested, and fall from 1795 levels is likely to resume below/around 1395/1425 levels.

Support and resistance levels on the daily chart: 1180, 1209, 1270, 1313, 1348, 1385, 1425