XAUUSD Daily Forecast Aug 22 2014

***Large Bearish Move  In Sight , eyes on 1240 ***

The XAUUSD continued its bearish momentum yesterday , topped at the 1291 levels and bottomed at the 1272 levels , now pressure will be on the key support 1272……

The XAUUSD will have to hold below the 1272 levels on a daily closing basis to push the market for further downside losses , If seen , It will target 1259 next where a cut  is likely , If seen , It will target the 1240 levels , further losses will pave the way towards the 1223/1209 levels……

Alternatively , a failure to hold below the 1272 levels on a daily closing basis could mean a return to the 1285 levels ahead of the 1291 levels , a halt is likely , but sustained trading above the 1291 levels on a daily closing basis will bring recovery towards the 1315/1322 levels before the next move………

In all , as long as resistance 1291 holds on a daily closing  basis , outlook in XAUUSD remains on the downside towards the 1259 levels ahead of the 1240 levels , above 1291 will aim the 1315/1322 levels before the next possible fall ?!!!

 

XAUUSD Daily Forecast Aug 22 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS