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23rd Oct 2014 XAU/USD Gold Analysis

23rd 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 fails to close below 1240 on the daily charts as the trendline seems indicative of a sustained correction

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 rebound off the Fibonacci retracement level of 61.8% is currently seen with an oversold signal, but entries are not advised as no confirmation is seen.

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 Only a break through of 1249 resistance can be seen as a favourable bullish entry, as the Traditional MACD looks to head into the negative territory and may signal an intraday bearish trend.

Gold buyers are still in the midst of enjoying lower prices, particularly the Hindu festival of Diwali yesterday continues to see great demand from India. The bearish movement during the U.S session was due to the CPI data and the relative strength of the Dollar Index which gave a mild correction. Trading below the 104 hourly average for the first time in 8 days the trend is likely to test the 200 hourly average before the trend can be confirmed to return to bearish ways.

The CPI data was almost unchanged and remains favourable for Gold bulls as the Fed is not likely to raise interest rates when the inflation target is not met. Falling fuel prices is one of the causes of lower than expected rise in consumer prices.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bearish 122512321238124512501252

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