XAUUSD Technical Analysis 12.01 - 19.01: Rally - page 2

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newdigital, 2014.01.16 14:19

GOLD Technical Analysis (based on dailyfx article)



Prices are edging lower after putting in a Bearish Engulfing candlestick pattern. Breaking below support at 1240.12, the January 3 high, exposes the 1212.03-17.75 area (marked by the December 2 low and the 23.6% Fib expansion). Near-term resistance is at 1261.28, the October 11 low.


 

Forum on trading, automated trading systems and testing trading strategies

Press review

newdigital, 2014.01.17 15:04

Technical Analysis for GOLD (based on this article)

  • XAU/USD closed over the 1247 2nd square root relationship of the 2013 low on Monday
  • Our near-term trend bias is higher in the metal while above 1213
  • The 88.6% retracement of the December range at 1257 is immediate resistance and traction above is needed to further confirm the importance of Monday’s break and set up further upside
  • A minor cycle turn window is seen early next week
  • Only aggressive weakness below the 1st square root relationship of the 2013 low at 1213 would turn us negative on Gold

XAU/USD Strategy: Like buying into weakness over the next day or so.

Instrument Support 2 Support 1 Spot Resistance 1 Resistance 2
XAU/USD 1213 1224 1244 1257 1270

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