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23 Sept 2014 XAU/USD Gold Analysis

Amandeep Sonewane | Sep. 23, 2014
23 Sept 2014 XAU/USD Gold Analysis

Gold, XAUUSD, XAU/USD, Technical analysis, gold price Gold prices rose against the U.S dollar on the back of offensive actions from Washington against Syria

Gold, XAUUSD, XAU/USD, Technical analysis, gold price 1208 was a touch and go as price of Gold rebounded from the 161.8% of the downtrend Fibonacci Extension.

Gold, XAUUSD, XAU/USD, Technical analysis, gold price -10% of the downtrend not breached on the Fibonacci Retracement gave rise to more buyers of Gold as risk appetite switch to lower risk assets. 1215 acts as the next support.

Technical support on the Gold charts saw the support at 1208 fail to breach and rebound past 1211-1215 confirms the prices retracing from the fall. The bottom trendline / higher lows also gives rise to an excellent risk - reward ratio that is favourable for buyers to go in for the short - mid term. 1240-1243 remains the next mid term resistance, as seen in the support in May this year. Further cause of conflict on the U.S side will likely push Gold prices even higher.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bullish119812081215122512301241121112061241

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