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22nd Oct 2014 XAU/USD Gold Analysis

22nd 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 prices extend to just below 1255 yesterday as uncertainty over the dollar caused gold buying to surge.

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 Hindu festival of Diwali also encouraged gold buying in India, as prices are supported at last week’s high at time of writing.

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 Prices are supported at 1247 after attaining 1254 resistance on the Fibonacci Extension 141.4%

The Hindu festival of Diwali sparked gold buying which coupled by the Fed’s various spokespersons having differing views on the winding down of QE and annual growth led to Gold being an excellent alternative amidst the indecision.

Gold has not rallied this much since the end of July period and the only time this year so far that gold prices climbed in almost 3 weeks of gains came in early June and previously in February.

1250 resistance being broken sees 1264 on the hourly charts based on the Fibonacci Expansion as demand is likely to continue until the Fed’s meeting on rate decision at the end of the month, or slightly later today when the CPI and Core CPI month on month change is announced.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bullish122512321240125512641271

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