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20th Oct 2014 XAU/USD Gold Analysis

20th Oct 2014 XAU/USD Gold Analysis

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 has rebounded off the 127.2% of the Fibonacci downtrend extension level, with lowest price attained just above 1180 2 weeks ago. Gold retained bullishness above previous resistance of 1232

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 Wednesday to Friday trading saw Gold uncertain above 1232 price and staying just below 1240 resistance, the previous support occurring June 5th at the same price

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 The resulting descending triangle did not result in a thorough break below the 200 moving average as 1232 tested as support once just 8 hours before the market ended trading for the week

U.S stocks rallied by the end of the trading week as declines were partially erased. The Treasury International Capital reported a 52.1billion jump in net long-term securities transactions, more than double the estimated figures, making the highest increase since April’s data release. U.S consumer confidence attained a 7-year high as investors engaged rapidly on “buy on the dip mentalities”.

Economists responded with a speculative call that the Fed will likely “increase or maintain economic stimulus” over the uncertainty of the global economic climate despite the favourable recovery indicators domestically in the U.S.

Gold is likely to return to bearish waves as the price range of 1240-1232 remain accommodative to a volatile yet non-directional market. With no key data at the start of the trading week in Monday and Tuesday except for FOMC Member Jerome Powell’s speech at the St Louis Federal Reserve, any bullish movement above 1240 could set off more panic for the U.S dollar bulls,

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bullish / Near Resistance119212091226124012501258

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.