XAUUSD Daily Forecast Aug 08 2014

Cautiously Bullish 

The XAUUSD continued its gains yesterday , printed support at the 1302 levels .This scenario should open the 1323 levels, we might see some hesitation around that level before topping and reversing to the downside , but break of the 1323 levels on a daily basis would open 1335 next , further out will call for a run towards the 1348 levels…

On the downside , support comes at the 1314 levels ahead of the 1302 levels (main) , losing the last one on a daily closing basis will signal short term topping , If seen , a strong pressure on the 1280 will be built , a cut will bring a free fall towards the 1258 levels , further losses will pave the way towards the 1240 levels.

In all , as long as support 1302 holds on a daily closing basis , the XAUUSD is likely to return to its upside momentum with risk towards the 1323 levels and possible higher towards the 1335 levels , below 1302 will reverse risks towards the 1280 levels where a cut will turn focus on the  1258 levels ahead of the 1240 levels …


XAUUSD Daily Forecast Aug 08 2014