KENJICHEN

0416-XAUUSD Analysis

Short
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar

XAUUSD
As we can see, gold suffering downward pressure for 3 days and probably demand to test 1280 support level.

In daily trading, gold sustain weakness in Asia market, thus that will be hard to find nice price to short gold, in addition, we can observe 1286 level for short limit and 1280 breakout to short it directly.

If Euro market can give more pressure and cause gold below 1280, so that will be a strong signal to short side.

Support: 1280 / 1277
Resistance: 1286 / 1288
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