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30 Sept 2014 XAU/USD Gold Analysis

30 Sept 2014 XAU/USD Gold Analysis

Gold, XAUUSD, XAU/USD, Technical analysis, gold price Gold is at support range of 1215 with reversal in sight.

Gold, XAUUSD, XAU/USD, Technical analysis, gold price Stochastics shows neutral movement as prices remain above median support range

Gold, XAUUSD, XAU/USD, Technical analysis, gold price A reversal on the hourly chart may give rise to a retracement trade, with partial position to be exited before 1224 likely

With the U.S dollar beating forecasts, gold prices responsed inversely, trading below 1225 during yesterday’s U.S session. The U.S economy is gaining traction with economists labelling the USD a “bargain”, with few signs that the rally is losing strength any time soon. The dollar has gained around 6% and the top contender being the Pound, while last quarter GDP figures boosted its estimates for the end of year estimates. A stronger USD usually makes Gold less of a bargain to own, shifting the sentiments for gold bears to continue. Intraday sentiments look likely for Gold to trade between 1215 – 1224, just below the 200 hourly average

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bearish/ near support120812121215122412321240121412111224

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