Back
3 Oct 2013
Gold consolidates yesterday's rebound but remains below $1,320
FXstreet.com (San Francisco) - The Gold recovered earlier losses from 1,302 to test the 1,320 resistance. However the XAU/USD hasn't been able to break above this level and currently it is moving sideways in between 1,315/20 range.
Currently the Gold is trading at 1,318, 0.10% positive on the day as its recovery extended, "although remains pretty shallow, as the metal barely stands above $1,300/oz," comments FXstreet.com Chief Analyst Valeria Bednarik. "Despite the run, risk remains to the downside as long as $1,342 caps the upside."
Technical outlook for gold
Technicians say resistance for gold comes in at 1,330, 1,337 and 1,342 – all horizontal lines. Short-term support for gold comes in at Wednesday’s low of 1276.90 and is followed by 1,212 – 1,214.
Currently the Gold is trading at 1,318, 0.10% positive on the day as its recovery extended, "although remains pretty shallow, as the metal barely stands above $1,300/oz," comments FXstreet.com Chief Analyst Valeria Bednarik. "Despite the run, risk remains to the downside as long as $1,342 caps the upside."
Technical outlook for gold
Technicians say resistance for gold comes in at 1,330, 1,337 and 1,342 – all horizontal lines. Short-term support for gold comes in at Wednesday’s low of 1276.90 and is followed by 1,212 – 1,214.