XAUUSD Daily Forecast Dec 16 2014

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Outlook in XAUUSD has turned to the downside as long as 1215/1224 resistance holds on a daily closing basis , support comes at the 1190 levels where a cut will open 1177 levels , a halt is strongly suggested but losing this level on a daily closing basis will open 1160 next , further down will aim the 1142 levels.

On the upside , resistance comes at the 1215 levels ahead of the 1224 levels (main) , break of the 1224 levels on a daily closing basis will recapture the 1238 levels , a halt is likely , but a break would open 1250/1265 levels.

In all , as long asĀ 1215/1224 resistance holds on a daily closing basis , outlook in XAUUSD remains on the downside towards the 1190/1177 levels before the next possible rise , above 1224 levels will open 1230/1238 levels.

Intraday : As long as 1199 resistance holds on a 4 hour closing basis , the pair remains under heavy pressure , break of 1199 level will put the pair in recovery mode for retesting 1209 levels before the next fall , above 1209 will extend recovery towards the 1217 levels .

Support and resistance : 1170 , 1185 , 1190 , 1199 , 1209 , 1217 , 1224 , 1232 , 1238

 

XAUUSD Daily Forecast Dec 16 2014__h4

XAUUSD Daily Forecast Dec 16 2014

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