XAUUSD – Weekly Forecast 19-23 Aug 2013

gold _ usd

The GOLD rose last week as suggested, broke above 1347 levels, topped at the 1.379 levels, anyway, with the key support 1315 intact, further rise  couldn’t be ruled out, next resistance is at 1386 levels, above this level will turn the focus on the 1425 levels , furthermore will aim the 1448 levels.

On the downside, support is at 1347 ahead of 1315 ( main), below 1315 will flip bias back towards the 1270 levels, furthermore will aim 1245 ahead of 1208.

In all, with the key support 1314 intact, the pair is likely to return to its upside border even in case of a bearish correction.

Support and Resistance levels on the daily chart: 1180, 1208, 1244, 1270, 1307, 1314, 1347. 1385, 1425, 1448 , 1564

On the weekly chart, the pair has printed new support at the 1314 levels, with this level intact, the pressure will on the 1391 levels where a breach is likely, above 1391 will look for 1450, furthermore will aim the 1590 levels.

To reverse risks to the downside, the pair will have to hold below the 1314 levels on a weekly closing basis, If seen, it will turn the focus on 1270, a breach will flip bias back for retesting the 1180 levels.

Support and resistance on weekly: 1180, 1270, 1314, 1392, 1450, 1591…

Strategy: buy after rejection from support or on the breakout of resistance.

 

XAUUSD Daily Chart

blankXAUUSD Weekly Chart

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