XAUUSD Intraday Forecast Feb 07


Recommendations: LONG positions above 1257 with 1265 & 1270 as next targets.

Alternative scenario: The downside breakout of 1257 will call for a slide to 1252/1247.

Description: Intraday outlook in XAUUSD is neutral first, as I said a few days ago , the gold needs to hold above the 1265 levels on hourly basis at least to resume rise from 1238 levels , note that the pair has failed to sustain its gains above the 1265 levels the past 48 hours , momentum indicators on 1 hour and 4 hour chart show that the pair has lost some of its upside momentum, support comes at the 1257 levels, stability above this level will keep a chance for upside move to retest 1265 levels, sustained trading above 1265 is likely to recapture 1279 , above this level will look for 1288 ahead of 1305 levels. On the downside , losing the key support 1257 will pave the way towards the 1238 levels and possible 1231 levels. On the daily chart the pair is neutral with bullish bias above 1231 , break of 1265 on a daily basis is needed to keep the bullish momentum intact , stability below 1265 on a daily basis could mean a return to the 1231 levels.

Support & Resistance :1231 ,1238,1247 ,1252 , 1257 (Pivot)  ,1265 , 1279, 1288 , 1305


XAUUSD Intraday Forecast Feb 07