Weekly view (August 04-08)

The yellow metal finally hit and closed below the 50WSma, after holding above it for 2 weeks. The metal has been making lower lows and lower highs for 3 weeks. Today in Asia's session, the metal opened higher with a minor bearish note and was unable to breach the 50WSma. The nearest resistance will be at $1,296 (50WSma), above this, $1,300 is the weekly resistance levels. We recommend to buy above $1,297 for $1,300, $1,306.80, $1,310, $1,312 and $1,318.

Resistance $1,296 $1,300 $1,311.70

Support $1,286 $1,280 $1,275

Intraday cmp $1,292.50

The metal was rejected at 34HrSma on Friday session and is still trading below that, but held above 12ema and 21hrSma. The metal has support at $1,290 (12ema). We recommend to sell below $1,290 for targets at $1,287.40, $1,286.50,$1,282 and $1,280 levels. The panic will be triggered below $1,279.70 for $1,275, $1,270 levels.

Support $1,290 $1,288 $1,286

Resistance $1,294 $1,296 $1,297