XAUUSD: Risk Expands Up On The 1250 Level !

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With XAUUSD reversing its losses to close higher last week, medium term outlook in XAUUSD has turned to the upside as long as 1200/1178 support holds on a weekly closing basis. Immediate resistance comes at the 1227 levels where a break will expand gains towards the 1152 levels; Around 1252, the pair may run out of momentum, If seen, a return to the 1227 levels followed by a consolidation is likely. However ; a cut below the 1227 levels will return to the 1200/1178 levels; But in return , sustained breakout-weekly closing- above the 1252 levels will aim the 1280 levels, further out ,will call for a run towards the 1315 levels.

On the downside, support comes at the 1200 levels ahead of the 1278 levels(main), a cut will see consolidation above the 1132/1142 levels before the next possible rise, however; To reverse risks to the downside, a cut through the 1132 levels is needed, If seen, focus will be on the 1100 levels ahead of the psycho level 1000…

In all, as long as 1200/1178 support holds on a weekly closing basis, the XAUUSD remains biased to the upside in the medium term outlook with risk towards the 1252 levels ahead of the 1280 levels, below 1178 sees a consolidation above the 1232 levels before the next possible rise?!

 

XAUUSD_Risk Expands Up On The 1250 Level !

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