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- Gold<\/a><\/strong>\u00a0has moved to an intra-day high of 1640.01 which is slightly below the daily high of 1641.53 from 21\/12\/11 \u2013 a level which represents a lower high swing point as highlighted on the Gold chart below.<\/li>\n
- This comes after support was found on 29\/12\/11 after breaking through the prior spike low from 26\/9\/11 at\u00a0 1532.64.\u00a0 This has subsequently proved to be a bear trap with the\u00a0Gold bulls taking price 4.27% higher so far this month<\/strong>.<\/li>\n
- If observing Silver as Gold took out key 1532 area support traders would have observed that\u00a0Silver failed to make a new low<\/a>\u00a0and is now likewise moving to the upside.<\/li>\n
- A strong move above the aforementioned 1641\u00a0Gold technical level<\/a><\/strong>\u00a0could potentially bring\u00a0 the prior lows from late November into focus as a short term target.<\/li>\n
- A failure to keep above the 1641 area on the daily closing basis could see the formation of range highs and potentially another downside move to test 1530 area lows.\u00a0 Much of this could be determined by risk appetite and dollar strength with the likes of\u00a0GBP\/USD<\/a>\u00a0and\u00a0EUR\/USD<\/a>\u00a0in corrective moves higher<\/strong>\u00a0this week to date and subsequent dollar selling in the nearer term.<\/li>\n<\/ul>\n
Gold (XAUUSD) Daily Chart XAUUSD<\/em><\/strong><\/p>\n
- This comes after support was found on 29\/12\/11 after breaking through the prior spike low from 26\/9\/11 at\u00a0 1532.64.\u00a0 This has subsequently proved to be a bear trap with the\u00a0Gold bulls taking price 4.27% higher so far this month<\/strong>.<\/li>\n
![\"xauusdgolddailytechnicallevels20120110](\"http:\/\/www.forex-fx-4x.com\/wp-content\/uploads\/2012\/01\/xauusdgolddailytechnicallevels20120110_thumb.png\" "\\"xauusd")
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