In early August gold was affected
by the appreciation of the US dollar. The resistance zone around $1364.30
coincided with the fundamentals and proved necessary pressure on the price. But
afterwards followed correction and gold now reached the support zone around $1308.93.
The intraday resistance is now located at $1321.88 (38.2% Fibonacci retracement)
and the major support is seen at $1307.52.
During yesterday’s session gold dropped to $1308.80, but currently is trading
around $1314.
Should the price push above the intraday resistance, the commodity might be seen
at $1329.52 (200-day moving average and 61.8% Fibonacci retracement). If pushing
downwards below the support located at $1309.10, next bears target is
$1300-$1295 zone.
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