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The gold resided for trading again near $1100 per ounce

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 21, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

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    XAUUSD Daily 21-01-2016 06-35-18 ص.jpg
    The risk-off sentiment helped the gold to extend its rebound from $1071.22 per ounce to reach yesterday $1109.36 per ounce spiking above its daily SMA100, before residing for trading below it now near $1100 per ounce.

    The demand for safe haven could drive the gold up in the beginning week of the year to reach $1112.75 which has been its highest reached level since last Nov. 4 but it retreated again failing to maintain a place above its daily SMA100.

    Despite the retreating to $1071.22, XAUUSD could maintain existence above its daily SMA50 and it could also have its daily Parabolic SAR (step 0.02, maximum 0.2) below for 14 consecutive days reading today $1080.46

    The gold could rise for trading above this indicator, after having a higher bottom at $1057.98 following maintaining existence above $1046.08 by rising from $1047.46 on last Dec. 17.

    XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the neutral region but it a closer place to its overbought area above 80 reading 72.532 leading its signal line which is reading now 65.490.

    Important levels: Daily SMA50 @ $1076.40, Daily SMA100 @ $1116.22 and Daily SMA200 @ $1134.05

    S&R:

    S1: $1071.22
    S2: $1057.98
    S3: $1046.08
    R1: $1112.95
    R2: $1123
    R3: $1138.05

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    walid.s@trade-24.com
    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143
    Archive:
    http://www.trade-24.com/daily-analysis

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