Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Gold Price Analysis- August 8, 2014

By Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.

Gold prices rose for a second straight session on Thursday to settle at their highest level in thirteen days as the conditions in the marketplace increased desire for safe haven diversification. Support from the heightened geopolitical tensions offset a better-than-expected reading on unemployment claims and helped the XAU/USD pair to bounce from the top of the Ichimoku clouds on the daily time frame. Some investors abandoned stocks and flocked to the gold market after Russia banned agriculture imports from the United States and European Union in response to Western sanctions and President Barack Obama authorized air strikes in Iraq.

It appears that fear factor came back into the market and that is increasing the demand for disaster insurance. Since the precious metal tends to gain during times of uncertainty, the major equity markets and USD/JPY pair will be on my radar. If stocks extended declines, gold prices may climb back above the $1312 level.

XAUUSD Daily 8814

As I mentioned in yesterday's analysis, trading above the Ichimoku clouds on both the daily and 4-hour charts gives the bulls an advantage. Technical outlook suggests that there is more strength and volume behind the bulls at the moment. So until the market drops back below the clouds and we have a bearish Tenkan-Sen (nine-period moving average, red line) - Kijun-Sen (twenty six-day moving average, green line) cross, there will not be any real reason to sell. In the meantime, the key levels to watch will be 1312 and 1303. I think the pair has to push its way through the 1312/1312.64 area in order to start a journey towards the 1324.50 level. On its way up, expect to see some resistance at 1318. To the down side, there is an interim support between 1307 and 1303. Below that, an important challenge will be waiting the bears at 1297.

XAUUSD h4 8814

Alp Kocak
About Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.
 

Most Visited Forex Broker Reviews