XAUUSD Daily Forecast Dec 18 2014

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Outlook in XAUUSD remains neutral with risk to the downside as long as support 1196 holds on a 4 hour hour closing basis , resistance comes at the 1213 levels , a halt is strongly suggested , but a break would open main resistance at the 1223 levels before the next fall..

On the downside , a rejection from the 1213 levels could mean a return to the 1196 levels , losing this level on a 4 hour closing basis will restore the downside momentum and open 1182/1177 levels , further down will aim the 1170 levels.

In all , as long as support 1196 holds on a 4 hour closing basis ,the XAUUSD remains in recovery mode in short term view and more  consolidative trading within 1196/1223 range is likely  , below 1196 will resume the bearish trend and open 1182/1177 levels.

Note that the pair is bearish on the daily time frame as long as 1223 resistance holds on a daily closing basis with risk towards the 1177 levels .

 

XAUUSD Daily Forecast Dec 18 2014

 

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