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XAU/USD Outlook: September, 24 2013

XAU/USD Outlook: September, 24 2013


Spot Gold remains under pressure as near-term studies maintain negative tone, with current narrow consolidation expected to precede fresh weakness. Near-term price action remain capped by descending 55DMA at 1330 with a fresh attempt below temporary support at 1313 expected to open the psychological 1300 support and key level at 1291, 19/09 low, loss of which to resume larger downtrend from 1433 peak. Alternative scenario sees prolonged corrective phase, with extension towards 1350, 61.8% of 1375/1313 descend. However, only regain of 1375 barrier would bring near-term bears fully in play and signal stronger recovery. Resistance: 1330; 1336; 1343; 1350

Support: 1320; 1313; 1300; 1291

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