/ 

Aug 08

TECHNICAL ANALYSIS BY NSFX 08.08.2013

By:

High:  Low: 

Gold is pulling back and testing important resistance levels to check if is it a confirmation of the continuation of the bear market or it is a formation of a beginning bullish trend.  1295 and 1303 are the closest resistance levels.  1303 area it is very important because it is also the pullback point of the trend line. More traders will turn bullish above 1352. The nearest support is at 1283, area that matches the 200 periods simple moving average on the 4 hours time frame.  Area 1271 also is a support because was the lowest level of several trading days.  1179 still the turning point of the precious metal.

R3
R2
R1
S1
S2
S3