XAUUSD made a low of 1216 on 8th July 2013, then respected trend line support level of 1280 and took bounce on 10th July, 2013. Major factors of this abrupt appreciation were Bond auctions and FOMC meeting.

Currently gold is testing a strong resistance level of 1330, as the trend line is broken downward then it more probable that we can see downside move to 1280 or even further.


What to do?

Currently it is a good level to go short on XAUUSD with 1330 as a good resistance and 1280 as target profit any price above 1350 is a buy zone.

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