13.08.201308:25 Forex Analysis & Reviews: Gold rallies through 1,340.00 area. 1,350.00 remains the key

Long-term review

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Technical outlook and chart setups:

The metal rallied from 1,340.00 levels yesterday just to meet the backside of the rising trend line; as depicted here. This would act as resistance now and indicates that next bearish leg should resume soon. 1,350.00 levels remain key resistance here and a push through that would confirm further upside towards 1,370/80 and 1,400/05 levels soon enough. Aggressive trading strategy from here could be that of initiating short positions with risk above 1,350.00, while a conservative approach is to wait for 1,350.00 levels to give more clarity.

Trading recommendations:

Aggressive: Initiate short positions now, stop at 1,351.50, target 1,244.00

Good luck!

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