XAUUSD – Intraday Forecast 31 Jan 2014

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Recommendations: SHORT positions below 1252 with 1236 & 1232 as next targets.

Alternative scenario: The upside breakout of 1252, will bring rebound to 1256/1260.

Description: Intraday bias in XAUSD is neutral, with downside risk towards 1236 ahead of 1232 levels, as long as resistance 1252 holds on hourly basis, below 1231 will extend losses to 1225/1218 levels. On the upside, sustained trading above 1252 will signal short term bottoming and bring rebound towards 1256 ahead of 1260 levels, further out will aim the 1265/1270 levels.

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