XAUUSD Daily Forecast Aug 01 2014

The XAUUSD continued its bearish momentum yesterday , extended its losses below the 1287 levels  towards the 1280 levels and printed resistance at the 1297/1312 levels .

On the downside , losing the 1280 levels would open 1263 next , further downside will aim the 1241 levels ahead of the 1215 levels. On the upside , resistance comes at the 1287 levels ahead of the 1297/1312 levels , break of 1312 will delay the bearish move for retesting the 1324 levels before the next fall….

In all , as long as resistance 1297/1312 holds on a daily closing basis , outlook in XAUUSD remains on the downside towards the 1263 levels and possible lower towards the 1241 levels….above 1312 will reverse risks towards the 1324 levels before the next fall…..

 

XAUUSD Daily Forecast Aug 01 2014

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