Will XAUUSD see 1400? Someone asked me?
Updated
Someone asked me whether XAUUSD will return to $1400 and you know what? My answer is always "I don't know" because here in NinjaSingapore, we only forecast based on the price action of the underlying and we don't predict where it's going as we are not the one controlling the market.
Indeed, from the recent price action, XAUUSD has been in a strong upward bias from 1237 since 12 Dec 2017 and is currently trading around 1330 at the time of writing this report.
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, we do note that XAUUSD has a strong resistance at 1357 which was the high on 8 Sep 2017. If this resistance level is taken out, then we could potentially see XAUUSD test 1390 as our first level target, followed by potentially 1430 as our second target. On the other hand, XAUUSD may be going back to test 1300-1310 potentially as a healthy retracement as this has been the strong support XAUUSD found since the beginning of 2018.
We will monitor the movement of XAUUSD and provide you with our regular update until we see XAUUSD hit one of our forecasted targets.
Good trading
NinjaSingapore
19 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Indeed, from the recent price action, XAUUSD has been in a strong upward bias from 1237 since 12 Dec 2017 and is currently trading around 1330 at the time of writing this report.
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, we do note that XAUUSD has a strong resistance at 1357 which was the high on 8 Sep 2017. If this resistance level is taken out, then we could potentially see XAUUSD test 1390 as our first level target, followed by potentially 1430 as our second target. On the other hand, XAUUSD may be going back to test 1300-1310 potentially as a healthy retracement as this has been the strong support XAUUSD found since the beginning of 2018.
We will monitor the movement of XAUUSD and provide you with our regular update until we see XAUUSD hit one of our forecasted targets.
Good trading
NinjaSingapore
19 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Trade closed: target reached
XAUUSD tested the support level we forecasted on 8 Feb, a few days after the infamous 4-digit drop in Dow Jones. We shall treat this case study a close and look for further opportunity to get back in when the time comes.
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