XAUUSD Daily Forecast Feb 23 2015

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Outlook in XAUUSD remains on the downside as long as 1236 resistance holds on a daily closing basis support comes at the 1203/1197 levels , losing this level will open 1175 levels , a halt is likely but a cut would open 1167 next , further down will target the 1139 levels.

On the upside , resistance comes at the 1216/1228 levels ahead of the 1236 levels (main) , sustained breakout – daily closing above the 1236 levels is needed to signal short term bottoming , If seen focus will be on the 1255 levels ahead of the 1274 levels before the next possible fall..

In all , as long as 1236 resistance holds on a daily closing basis , outlook in XAUUSD remains on the downside towards the 1175 levels ahead of the 1167 levels , break of the 1236 levels will bring rebound towards the 1255 levels and possible higher towards 1274 levels before the next possible fall..

Note that sustained breakout – daily closing – below the 1203 levels will accelerate the expected bearish move ..

XAUUSD Daily Forecast Feb 23 2015

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