XAUUSD Weekly Forecast Aug 04 2014

No change , outlook in XAUUSD remains neutral this week, support comes at the 1292 levels , sustained trading – weekly closing – below this level will open 1276 levels ahead of the 1258 levels . At this point I’d expect strong support from the 1258 levels to contain fall from the 1345 levels and bring reversal………If 1258 fails , expect to see a free fall towards the 1240/1231 levels and possible lower towards the  1182 levels..

On the upside , resistance comes  at the 1318 levels ahead of the  1340 levels , sustained trading – weekly closing – above this level  is needed to resume the upside offensive , If seen , the pair will target the 1375 levels where a breach will turn focus on the 1410 levels…….

In all , the XAUUSD is likely to consolidate within 1292/1340 range before the next move……..

XAUUSD Weekly Forecast Aug 04 2014