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14 Jan 2015
Further wins possible for XAU/USD – Varengold
FXStreet (Barcelona) - According to Varengold Bank, further wins are possible for XAU/USD as the price broke through the highest Fibonacci resistance level which might restrict losses below this.
Key Quotes
“Looking long-term, Gold has experienced a high volatility and the price moved to a low at around $1137. There doesn’t seem to be a reliable support level, as the price dropped during the last weeks almost by more than 100 dollars. The CCI is showing that the the metal is moving in an overbought area."
"The price broke recently through the highest Fibonacci resistance level (61.8). It is unlikely that it will try to come back under it. Further wins are possible.”
Key Quotes
“Looking long-term, Gold has experienced a high volatility and the price moved to a low at around $1137. There doesn’t seem to be a reliable support level, as the price dropped during the last weeks almost by more than 100 dollars. The CCI is showing that the the metal is moving in an overbought area."
"The price broke recently through the highest Fibonacci resistance level (61.8). It is unlikely that it will try to come back under it. Further wins are possible.”