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16 Sep 2013
Gold nearing lows of session as Monday wears on; support of 1,323.20
FXstreet.com (Barcelona) - Gold seems to be laboring to hold up above the opening gap higher Monday at 1,323.20. Any close below that level will take the nascent recovery gold has seen back into bear mode.
Gold will be reacting to DXY movements off of data and headlines
Monday, gold traders will have to react to EuroZone CPI, the US NY Empire State Manufacturing Index, US Industrial Production and Capacity Utilization. However, all eyes will continue to be focused on US Fed chatter and any developments in the US / Syria conflict.
Technical outlook for gold
Gold broke down technically last week when it closed below 1,351. Technicians say that the next projected support level for gold at 1,308 was tested on Friday. So, they note, a bounce was to be expected – and it is now in progress. Resistance for gold comes into play at 1,358 and could extend to 1,373 on an extreme bounce.
Gold will be reacting to DXY movements off of data and headlines
Monday, gold traders will have to react to EuroZone CPI, the US NY Empire State Manufacturing Index, US Industrial Production and Capacity Utilization. However, all eyes will continue to be focused on US Fed chatter and any developments in the US / Syria conflict.
Technical outlook for gold
Gold broke down technically last week when it closed below 1,351. Technicians say that the next projected support level for gold at 1,308 was tested on Friday. So, they note, a bounce was to be expected – and it is now in progress. Resistance for gold comes into play at 1,358 and could extend to 1,373 on an extreme bounce.