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Gold Edges Up in Asian Trade - 21 June 2017

By Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.

Gold prices inched higher on Wednesday, after hitting its lowest since May 17 in the previous session, as Asian stocks fell. Asian stocks are trading mostly lower this morning, following a drop on Wall Street.

XAU/USD is trapped in a narrow trading range while the key intra-day levels remain intact. Apparently the support in the 1240/39 zone sparked some short-side profit taking but the 1251/49 zone continues to act as resistance.

XAUUSD Daily

At this point, the market will have to either break through the 1251/49 area and challenge the next barriers at 1254 and 1257 or drop below 1240/39 and test the support in the 1236/5 region. Climbing above the 1257 level could foreshadow a move towards 1260/59.  If this resistance is broken, then the 1264 level will be the next port of call. On the other hand, breaking down below 1240/39 may increase selling pressure and drag the market towards the 1236/5 zone. Once below there, the bears will be aiming for 1232/0.

XAUUSD h4

Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.

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