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Gold Technical Analysis – XAUUSD Trading near 1 Month High

Gold Technical Analysis – XAUUSD Trading near 1 Month High

Gold Technical Analysis – XAUUSD Trading Near 1-Month High – WC 21/1/13

  • Gold hit a one-month high during trading late last week.  The XAU/USD & XAG/USD pairs have now rallied over the past two weeks and seem to be carrying strong upside momentum.
  • The precious metals are now moving in a tight range during early week trading on the 21/1/13.
  • The January 4th low (a hammer candle) has proved to be a near term turning point for the XAU/USD.  This area of technical confluence had the following elements aligned from a gold technical analysis perspective: 61.8% Fibonacci retrace, FE 100 expansion (giving an ABC pattern) and previous resistance range highs. We highlighted this key technical level prior to the latest turn around.
  • The $1700 area has held as resistance during the past week.  Any breakout higher has the 50% corrective retrace and upper channel trend line as a technical focus.
  • The prevailing trend is to the upside; nonetheless, we  note that the initial attempt to break above the 2/1/13 $1794 area prior swing high did not see any immediate follow through.  This is an area of technical confluence with a Fibonacci 38.2% and 50% retrace aligned with a previous support/resistance flip zone.  
  • Any sustained hesitation at this $1794 – $ 1700 zone could potentially see an element of position covering from the gold bulls..

Gold Technical Update – Daily (D1) Chart Analysis

gold technical analysis

Gold forecast, Gold News, Gold Outlook 21/1/13

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