Forex Marketz Daily Forex News – Fully Markets Update
My previous analysis on XAU/USD remain valid. Just some minor changes. Price action did break through resistance and there could be a shift on the daily chart. We could be seeing price movement towards$1,188 and then $1,207. Gold opened 2015 near 1,188 and 1,207 is the high price point set in June. Right now price action is close to the level at $1,188. Since this rally started from the major long term support, we could now see a challenge of $1,205 and then $1,255.
We are now trading above $1,161. Traders could look to enter stops below this level and an even harder stop below the support at $1,151. Looking at the upside, bullish, the first target should be the technical resistance at $1,189 per ounce. This is a near term swing high and could open the doors for the key psychological level at $1200. After that sees the technical resistance lining up at $1,218 then the next, albeit minor, psychological level at $1,225.
Looking at the short side, for those who want to short the precious metal. I would suggest waiting for the key support at $1,155 to collapse. This would confirm that a bearish pattern is reemerging for gold and would give way for a challenge of the technical support at $1,128. Below this level lies the key psychological support level at $1,100 per ounce. Below that level is $1,087.04 and then $1,070 per ounce.
