FX.co ★ Weekly forecast and an intraday analysis of Gold for September 01-05, 2014

The metal managed to close in green at the previous week, but it was unable to close above 50WSma. The metal is still sitting above the triangle bottom. The trading pattern of the metal is framed between the $1,270-$1,295 - $1,305 levels. On the upper side, it has resistance at $1,295 (100Dsma and 20Dsma), above this at 1305 (50DSma). On the down side, it has support at $1,284 (200Dsma).

When a weekly close is above $1,291- ST, the trend turns to positive. - Pending

When a daily close is above $1,305, we expect strong upmove towards the upper end of the triangle. - Pending

When a daily close is below $1,284, selling pressure will emerge towards $1,282, $1,280, $1,276, and $1,272.

When a break is below $1,270, panic will trigger movement towards $1,258.

Intraday cmp $1,286.

The metal rejected at 12ema in an early Pacific session. For an intraday basis, the prices are closed and the metal is trading above 21hrsma and the 34hrsma levels. If a h4 candle closes above 12ema ($1,287), we expect a strong upmove towards $1,291, $1,292.40, and $1,295-$1,296. The metal has an hourly support at $1,285.50, $1,284 and $1,283 levels. We recommend selling below $1,283 with the target at $1,280, $1,276, and $1,274 levels.

Buy above $1,287.

Sell below $1,283.

Above $1,291, huge short covering will take towards $1,295, $1,300, and $1,305-$1,307.