XAU/USD: Gold Trades In Consolidative Sideways Mode
FinFX | Dec 02, 2013 04:08AM ET
XAU/USD
Spot Gold trades in consolidative sideways mode, with near-term price action being entrenched within 1234/1254 range and near-term studies holding neutral tone. The price is for now capped by descending 55DMA of 4-hour chart and break above 1254/57 peaks, is required to spark further recovery. Otherwise, more downside risk would be seen on violation of 1234 range floor, with key near-term support at 1226 to come under pressure, and a break here to signal completion of near-term recovery attempt and resume bears towards 1215/08, the initial targets.
Resistance: 1254; 1257; 1261; 1269
Support: 1240; 1234; 1226; 1215
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