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XAUUSD - Stuck at Resistance at $1300 as China Disappoints

 

 
In the last week or so gold has met stiff resistance at the current key level of $1300, after enjoying a healthy surge higher. This push higher saw gold move to a six month high just shy of $1300 after enjoying some solid support from the key $1240 level and the $1200 level before that. For a couple of weeks before the push higher gold consolidated a little resting on support at $1240 after making a strong rally back towards this level, which had become significant when it offered reasonable resistance halting its climb a couple of months ago.
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Market Recap: 2 - 4 January

 

 
On Wednesday last week we covered the AUDUSD which since writing, had a ridiculously volatile finish to the week moving violently within a two hour window. The move saw it fall to its lowest level in many years below 0.67. As quickly as it fell, it was bought up strongly moving it back slowly towards to the key 0.7050 level. This level propped up the currency pair well throughout October. The AUDUSD finished the week back above this level at a two week high. The next key level of 0.7150 is back within the picture as this may provide some resistance should the AUDUSD continue to rally higher.
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XAUUSD - Surges to Six Month High on Rising Fears of Economic Slowdown

 

 
In the last couple of weeks gold has surged strongly higher to a six month high around $1295 after enjoying some solid support from the key $1240 level and the $1200 level before that. For a couple of weeks before the push higher gold consolidated a little resting on support at $1240 after making a strong rally back towards this level, which had become significant when it offered reasonable resistance halting its climb a couple of months ago. After struggling with the resistance level at the $1240 level for several weeks, it fell back to another key level of $1200 where it bounced off strongly. The $1240 level provided some support in July and more recently pushed gold lower in October, so it is significant that it has now broken higher. The market will now be watching the $1300 level as this level was significant earlier last year.
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XAUUSD - Surges to Five Month High after Fed Raises Rates

 

 
In the last 24 hours gold has surged strongly higher to a five month high above $1265 after enjoying some solid support from the key $1240 level. For the last couple of weeks gold has consolidated a little resting on support at $1240 after making a strong rally back towards this level, which had become significant when it offered reasonable resistance halting its climb a couple of months ago. After struggling with the resistance level at the $1240 level for several weeks, it fell back to another key level of $1200 where it bounced off strongly. The $1240 level provided some support in July and more recently pushed gold lower in October, so it is significant that it has now broken higher. For the most part in the last couple of months gold has made a home in between two key levels of $1200 and $1240, and the markets were watching closely to see which way the next big move might be.
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Market Recap: 3 - 7 December

 

 
On Tuesday last week we covered the AUDUSD and the key level at the time was the 0.73 level. However the AUDUSD spent all of last week falling sharply moving right through the 0.73 level and it now has eyes on another key level at 0.7150. Just prior to its recent push higher the AUDUSD had been quite content to take a breather and enjoy solid support from 0.7050 as it has traded along that level for several weeks throughout October. 
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XAUUSD - Tests Resistance at $1240 on Fed Report

 

 
In the last few weeks gold has made a strong rally back towards the key $1240 level where it again has met reasonable resistance halting its climb. It had bounced strongly off the support level at $1200 after dropping so sharply after struggling with the resistance level at the $1240 level for several weeks. The $1240 level provided some support in July and more recently pushed gold lower in October. For the last couple of months gold has made a home in between two key levels of $1200 and $1240, and any would be confident that it will be well supported by the $1200 level again should it continue to decline. It has attempted to move through the resistance level at $1240 and did touch a five month high just above $1240 in the last 48 hours.
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Market Recap: 26 - 30 November

 

 
On Tuesday last week we covered the EURUSD and the key level at the time at the time was the 1.13 level. After rallying strongly off this level earlier last week, it has since reversed and found solid support again, reinforcing how significant this level is presently. A few weeks ago the EURUSD did well to rally higher from its lowest levels in 16 months back up towards 1.15 before easing in the last couple of weeks. Even though it fell through the 1.13 level a few weeks ago, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide some support should the EURUSD continue to decline. Likewise the 1.15 level has become key of late providing stiff resistance and looming above ready to push prices lower.
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XAUUSD - Well Supported by $1200 as Fed Doubts Grow

 

 
For the last couple of months golds has made a home in between two key levels of $1200 and $1240. It has just eased in the last few days from around $1230 and many would be confident that it will be well supported by the $1200 level again should it continue to decline. In the last few weeks gold did a solid job of rallying off the support level at $1200 back to around $1230 after dropping so sharply after struggling with the resistance level at the $1240 level for several weeks. It did attempt to move through the resistance level at $1240 and did move to a four month high just above $1240 before being sold off again.
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XAUUSD - Enjoys Much Needed Support from $1200 as Fed Commentary Flows

 

 
Gold has been sold off strongly in the last week or so after struggling with the resistance level at the $1240 level for several weeks. It has enjoyed some solid support from the key $1200 level in the last few days propping up the precious metal. For the last few months, gold has been content to trade close to the $1200 level although it did enjoy the surge higher in the last month. It did attempt to move through the resistance level at $1240 and did move to a four month high just above $1240 before being sold off again. It has received both support and resistance from the $1200 level in the last couple of months and didn’t appear to be in any rush to move too far away. The $1240 level was significant several months ago when gold received some short-term support there and subsequent resistance, and yet again it has struggled with this.
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XAUUSD - Struggling with Resistance at $1240 as Solid Jobs Doesn’t Help

 

 
Gold continues to struggle with resistance at the $1240 level despite rallying strongly again towards the end of last week. It fell away from that level throughout the first half of last week after yet again attempting to push higher through the $1240 level. It did however move to a four month high just above $1240 before being sold off again. It enjoyed a period of consolidation for almost two weeks after surging higher a few weeks ago, after being content to trade right around the key $1200 level for an extended period. It has received both support and resistance from this level in the last couple of months and didn’t appear to be in any rush to move too far away. The $1240 level was significant several months ago when gold received some short-term support there and subsequent resistance, and yet again it has struggled with this.
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