XAU/USD Outlook: September, 19 2013
FinFX | Sep 19, 2013 03:58AM ET
XAU/USD
Spot Gold regained strength and bounced sharply after brief break below the 1300 support, and 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 tone is reestablished on the lower timeframes studies, shifting near-term focus higher, for possible attempt towards 1400 barrier. However, gains may be interrupted by corrective action as hourly studies are overbought. Dips are ideally contained above $1,334, previous high, and 50% of entire 1291/1375 rally.
Resistance: 1379; 1393; 1400; 1410
Support: 1358; 1343; 1330; 1323
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