Gold Forecast: XAU/USD is taking a nap

XAUUSD 12th May, 2015

Gold (currently at: 1192 level) is still moving slowly within the sideline range. Our current resistance is around 1235 level and our near support is around 1169. I am still convinced that we should buy gold. I might drop the probability that gold will be cheaper or get close to 1100 level before it goes up but, my expectation are not that solid this time so, you gotta expect a fall before going up.

Buying gold in this area seems to be a little bit tempting so, you can do it wisely with caution, putting in mind that uncertainty is still blurring the trend

The GOLD (XAU/USD) has the following major resistance and support levels:

  • RESISTANCE: 1235
  • SUPPORT: 1076

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (30 pips stop loss applied):

  • Sell: at 1210 – Take profit 1160 (50 pips profits)
  • Buy: at 1180 – Take profit 1220 (40 pips profits)
  • Buy: at 1160 – Take Profit 1200 (40 pips profits)
  • Buy: at 1080 – Take Profit 1180 (100 pips profits)

This review is valid during trading week: 12th-15th April, 2015