12/11/14 XAU/USD Gold prices swing higher as 1160 levels look supported


XAUUSD, XAU/USD, Gold, Gold bullion, commodity, commodities, precious metals, metals, gold price, gold price forecast, gold price outlook, XAUUSD analysis, XAUUSD technical analysis, XAUUSD outlook, XAUUSD price, XAU/USD analysis, XAU/USD forecast, XAU/USD outlook, XAU/USD price, XAU/USD technical analysis, XAU/USD analysis, XAUUSD forecast Gold price rose to above 1170 yesterday but ended the trading day below the 61.8% of the uptrend Fibonacci retracement at 1162.74

XAUUSD, XAU/USD, Gold, Gold bullion, commodity, commodities, precious metals, metals, gold price, gold price forecast, gold price outlook, XAUUSD analysis, XAUUSD technical analysis, XAUUSD outlook, XAUUSD price, XAU/USD analysis, XAU/USD forecast, XAU/USD outlook, XAU/USD price, XAU/USD technical analysis, XAU/USD analysis, XAUUSD forecast 23.6% of the downtrend Fibonacci retracement looks to have encountered some exhaustion

XAUUSD, XAU/USD, Gold, Gold bullion, commodity, commodities, precious metals, metals, gold price, gold price forecast, gold price outlook, XAUUSD analysis, XAUUSD technical analysis, XAUUSD outlook, XAUUSD price, XAU/USD analysis, XAU/USD forecast, XAU/USD outlook, XAU/USD price, XAU/USD technical analysis, XAU/USD analysis, XAUUSD forecast A bullish bounce off the support of 1160 is likely to break through the 200 EMA as the 20 and 104 moving averages converge to swing higher, with the Traditional MACD climbing above the 0 level for bullish trend signals.

The H4 and H1 charts both seemed to signal a slight upwards sloping trend, which could be part of a bearish retracement. As seen on the hourly chart, the blue trendline was barely retested yesterday as a possible resistance along the 200 EMA in black, but with a higher low forming a potential rising wedge pattern could lead to more sellers entering the market once a critical price resistance is attained. 1175 , 1200 remains the mid term resistances that are considered sell zones.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bearish112811381150116011801188

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