XAU/USD Outlook: Gold Regains Strength
FinFX | Sep 20, 2013 05:19AM ET
XAU/USD
Spot Gold regained strength and bounced sharply after brief break below 1,300, and support was contained at 1,291. Strong rally to 1375 zone, seen so far, retraced nearly 61.8% of 1433/1291 fall and sidelined immediate risk of further easing. A positive toneb reestablished on the lower timeframes studies, and shifts near-term focus higher for possible attempt towards the 1400 barrier. Consolidation is under way, with price action being held above initial support at 1355. However, negatively aligned hourly studies see potential for further retracement of 1291/1375 rally, with dips to be ideally contained above 1334, and previous high and 50% of entire 1291/1375 rally.
Resistance: 1379; 1393; 1400; 1410
Support: 1355; 1343; 1330; 1323
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