XAU/USD Outlook: Spot Gold Enters Near-Term Corrective Phase
FinFX | Nov 14, 2013 07:06AM ET
XAU/USD
Spot Gold enters near-term corrective phase off fresh low at 1261, posted on 12/11. Bounce to 1288 so far, regained Important barriers at 1285/87 zone and retraced over 38.2% of 1325/1261 downleg. Consolidation here is seen on extended hourly studies, while 4-hour technicals remain weak. Unless the price regains psychological / double Fibonacci resistance at 1300 zone, 38.2% of 1361/1261 and 61.8% of 1325/1261, minimum requirement to signal near-term basing attempt and allow for stronger recovery, the downside will remain vulnerable.
Rejection under the latter, also daily Tenkan-sen / Kijun-sen bearish crossover, would risk lower top and further downside, as daily bears are fully in play and see scope for final push towards 1251, to fully retrace 1251/1361 bull-phase.
Resistance: 1288; 1293; 1300; 1310
Support: 1278; 1269; 1261; 1251
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