FxWirePro

Gold Daily Outlook

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
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2
Intraday trend-Slightly Bullish
Gold has stabilized around $1160 and is slightly recovering from that level. Overall trend is slightly bullish as long as support $1160 holds.
On the downside Minor support is around 1160 will take the commodity to 1142/1130 in short term.
The minor resistance is around 1185 and any indicative break above would extend gain to $1213/1238. Overall trend reversal only above $1238.

Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy Gold around $1180-85, SL 1160, Target $1213/1238.

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