Gold: bulls will be looking for stability [Video]
A strong negative candle has pulled gold back into a whole raft of supports, but does now come with a warning. Closing the $1575 gap and below the 23.6% Fibonacci retracement (of $1445/$1611) at $1572 weighs on the positive outlook. However, the support of the six week uptrend comes in at $1564 today and the breakout support band $1562/$1568 has held the slide for now. The market is consolidating this morning (potentially in front of the Fed) around these key supports. Read more...
Gold have uptrend to resistance 1575.3 while trading above support 1567.8
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1567.5, which will be followed by reaching resistance level 1575.3 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1581.
Downtrend
An downtrend will start from resistance 1575.3 or as soon, as the pair drops below support level 1567.5, which will be followed by moving down to support level 1562. Read more...
Gold Rebounds from an Upside Support Line
XAU/USD traded lower yesterday, but during the Asian morning today, it hit support near the crossroads of the 1564 level and the upside support line drawn from the low of December 20th. Then, it rebounded somewhat. The metal continues to trade above that line, while it also stands above all three of our moving averages. Thus, we would consider the short-term picture to be somewhat positive for now.
If the bulls are strong enough to stay in the driver’s seat, we could soon see them challenging the 1588 zone, marked as a resistance by the peak of January 26th. They may decide to take a break after testing that zone, thereby allowing the price to correct slightly lower. However, as long as the retreat stays limited above the aforementioned upside line, we would see decent chances for the bulls to jump back into the action and push the metal higher again. If they manage to overcome the 1588 hurdle this time around, we may experience extensions towards the 1611 territory, marked by the high of January 8th. Read more...
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