Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

XAU/USD Outlook: Spot Gold Trades In Near-Term Consolidative Mode

Published 10/21/2013, 04:17 AM
Updated 02/21/2017, 08:25 AM
XAU/USD
-
GC
-

XAU/USD

Spot Gold trades in the near-term consolidative mode, holding within narrow range, off important 1329 barrier. Near-term studies are positively aligned and favor further extension of recovery rally from fresh low at 1251, as the price penetrates daily cloud base at 1320, with daily Kijun-sen line protecting the downside for now.

Break above Friday’s high and Fibonacci at 61.8% retracement of 1374/1251 descend, to open 1345, 76.4% retracement and 1351, 30/09 peak. Bullish 20/55DMA’s crossover, reinforces psychological 1300 support and only break here would weaken near-term structure.

Resistance: 1329; 1337; 1345; 1351

Support: 1311; 1300; 1289; 1274

<span class=XAU/USD Hour Chart" title="XAU/USD Hour Chart" width="800" height="400" src="https://d1-invdn-com.akamaized.net/content/pic23001a496fcd628069233aab927b2c8e.png">

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.