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XAU/USD Outlook: Spot Gold Trades In Extended Consolidative Phase

Published 11/18/2013, 05:40 AM
Updated 02/21/2017, 08:25 AM
XAU/USD
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GC
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XAU/USD

Spot Gold trades in extended consolidative phase, with price action being entrenched with 1394/1280 range. Hourly studies are losing traction, with price attempting below main bull trendline off 1261 low that suggests further easing towards the range floor and Fibonacci 38.2% of 1261/1294 upleg at 1280. Loss of the latter would revive near-term bears and signal an end of corrective phase from 1261 that was so far capped by falling 55DMA of 4-hour chart at 1294. Alternative scenario requires break above 1294, to open strong resistance and pivotal point at 1300/10 zone, psychological barrier / 50% retracement of larger 1361/1261 descend.

Resistance: 1290; 1294; 1296; 1300

Support: 1281; 1277; 1269; 1261

<span class=XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="800" height="400">

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