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14 Aug 2013
Gold, wait for pullbacks at $1310, $1300 to re-target $1345 - 2ndSkies
FXstreet.com (Chicago) – Gold stumbled after stellar week performance amid renewed Fed speculations on monetary stimulus being reduced in Sept and ahead of Fed's Bullard speeches on Wednesday and Thursday.
A stronger greenback, which was mainly propelled by positive retail sales data and Septaper chatter, dragged the gold price down 1.0%. Throughout Tuesday, the commodity lost shine progressively to hit rock bottom at 1318.64. As the Nikkei 225 opens, the commodity trades at 1320.00 with heavier bearish pressure.
According to Chris Capre from Second Skies, “Short term bears can consider corrective pullbacks into the 1326-33 intraday resistance zone, targeting 1316 and 1300. Bulls can wait for pullbacks either to the daily 20ema at 1310, or back to 1300 for another attack on the key 1345 resistance level.”
A stronger greenback, which was mainly propelled by positive retail sales data and Septaper chatter, dragged the gold price down 1.0%. Throughout Tuesday, the commodity lost shine progressively to hit rock bottom at 1318.64. As the Nikkei 225 opens, the commodity trades at 1320.00 with heavier bearish pressure.
According to Chris Capre from Second Skies, “Short term bears can consider corrective pullbacks into the 1326-33 intraday resistance zone, targeting 1316 and 1300. Bulls can wait for pullbacks either to the daily 20ema at 1310, or back to 1300 for another attack on the key 1345 resistance level.”