XAU Trading Outlook
Gold (XAU) has been somewhat range bound between $1840/1812 after the rally experienced lately. This range continued to play a part yesterday in all three sessions but has recently pushed up through resistance of $1840 and currently trades at $1853. Investors seem braced for the non-farms payroll announcement due from the US at 12:30 GMT.
Gold (XAU) remains volatile taking no real direction. Sharp moves down to $1811 followed by moves up to $1839 shows just how much this shiny metal can budge. In today’s trading $1814/15 low has been tested with topside moves capped at $1827 for now near the $1829.3 pivot point.
Gold (XAU) surged in the US session from $1785.00 to $1840 on talk of QE3. It is currently trading in the 1822/1832 area and a pivot point at $1820 has been noted.
Gold (XAU) after recovering some of the losses slumped back below $1800. The initial resistance is $1803.
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