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Gold Technical Analysis – 11th January Update

Gold Technical Analysis – 11th January Update

Gold Technical Analysis – 11th January Update

  • Gold continues to move away from our key downside technical area of interest around the XAUUSD $1635 level.  This has been our primary focus within the recent gold technical analysis updates.
  • The price of gold is now potentially heading for the biggest weekly basis rise seen in over a month.  This comes after the decision from the ECB (European Central Bank) to hold rates near current record lows.
  • Tokyo gold futures contracts have now reached a record high at 4,820 yen per gram ($1,699.62  oz).  This comes as the Japanese yen has plummeted to a 2-1/2-year low.
  • The latest price action development was a break of the 8/1/13 inside day to the upside. 
  • The XAUUSD pair subsequently moved up to test the $1672 area yesterday – a previous prominent swing low from early November.  The daily from yesterday candle represents a 250 pip move, well above the 60 day average gold trading range of 162 pips. 
  • Going forward we will be monitoring the price action around the recent range extremities ($1700 and $1625) to gain directional bias.

Gold Technical Analysis – 11/1/13 – Daily Chart

gold technical analysis 11th january Gold Technical Analysis   11th January Update

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