05.09.201402:40 Forex Analysis & Reviews: Intraday trading recommendations on Gold for September 05, 2014

Long-term review

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The yellow metal opened its session with a bearish bias. The metal started falling from the first tick onwards and hit the nearest support at $1,258.60. At present, it has made a low at $1,257. On the down side, the metal has an open target at the $1,247 and $1,240 levels. The metal continues its theme: selling on rallies until the close above $1,287 (20Dsma) on a positional basis.

For an intraday session, the h4 RSI is giving positive divergence results with a bit up move chances. The metal has resistance at $1,261 as well as at the $1,264, $1,267, $1,270 and $1,277 levels. The prices are closed and trading below the 12ema and 34 hrsma levels. As a result, selling on every up move mints the money. Sellers can wait for a small pullback to sell again. The h1 and h4 oscillators are extremely oversold.

Sell on every pull back at the $1,250 and $1,247 levels.

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