XAU/USD: Gold Daily Trend Bearish, Yet Downside May Be Limited
Abhishek M R | Feb 04, 2018 11:40AM ET
Technical Snap Shot: On a daily basis, all the major indicators highlighted in the chart Commodity Channel Index, Stochastic Oscillators, Parabolic SAR, RSI along with Bearish candlestick formation confirms daily/early week trend remains firm Bearish.
Weekly Trade Levels:
Support & best buy level 1337 (current resistance), Actual Resistance and best short level 1343, A break above 1349 upside capped at 1362 - 1368 - 1370, However, a crack below 1331 downside target in focus 1319.50/1318 & 1312.20 in extension.
Approach:
Sell on rising above 1337, the Best short level for the week 1341 target in focus 1319.50 - 1318 stops or average level 1349, Reversal above 1352.60, levels to watch for 1358 - 1368 - 1370 on the other side.
XAU/USD Now at 1333.13
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