XAU/USD Outlook: September, 23 2013
FinFX | Sep 23, 2013 05:34AM ET
XAU/USD
Spot Gold remains under pressure, as the price continues to travel south, en-route towards 1300/1291 supports. Corrective phase off $1,291 that was capped at 1375, and seems to be over as the fall from 1375 retraced nearly 76.4% of 1291/1375 upleg. Negative tone prevails on lower timeframes and keeps the downside risk in play, with violation of 1291 to trigger fresh extension of larger downtrend from 1433, 28/08 high, and open next supports at 1276. We also see a Fibonacci at 76.4% of 1180/1433 and 1272, 07/08 higher low. Only a bounce through 1350 would ease bear pressure.
Resistance: 1336; 1343; 1350; 1359
Support: 1313; 1300; 1291; 1276
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