TECHNICAL ANALYSIS BY NSFX 05.08.2013
Gold on the 30 min charts has a dynamic resistance at 1318, where the simple moving average at 200 period caused selling pression. That price is also the static resistance point of last Friday. If buyers will make a breakout the next price test will be at area 1327 with short term price target of 1342. From short term traders might be useful to check area 1306 where if breached short term selling pressure might push the prices down to test 1300. The rally that started the end of June might be considered finished if price will pass the trendline. in area 1270 because long term short sellers should be in control again.