Gold – Weekly Technical Analysis (25.08.2014-29.08.2014)
Gold is currently testing the diagonal support at $1272, provided by the symmetric triangle it has been trading in for the last 5 months. The $1276-$1268 static support area also adds to the significance of the lower bound of the triangle.
Our expectation for this week is for an eventual break through the static and dynamic supports, concentrated in the zone. This would take XAUUSD to $1240 first, targeting the crucial $1180 support.
