XAUUSD – Intraday Forecast 28 Jan 2014 (Rebound)
Recommendations: LONG positions around 1248 with 1255 & 1260 as next targets.
Alternative scenario: The downside breakout of 1244 will bring a slide to 1237/1232.
Description: Intraday bias in XAUUSD is neutral with risk to the upside towards 1255 ahead of 1261 levels as long as support 1244 holds on an hourly closing basis, break of 1261 is needed to open 1270/1275 next. On the downside, losing 1244 on an hourly basis would signal short term topping and open 1237 ahead of 1231 levels, below 1231 will extend losses towards 1225/1218 levels.