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Forex pairs in this Article » XAU/USD

Gold rallied at the open of the Asian session today, rocketing over 200 pips higher in the first hour to its current price of 1318.06 on what appears to be some dollar weakness as the USD/JPY also picked up about 100 pips from its close on Friday. Resistance from the April 16 low at 1321.49 and May 20th low at 1337.23 will be the immediate hurdle for the bulls and then 1400 where the pair faltered on the way down to its recent 2013 low at 1180.28. Above 1400, especially with a strong close above 1450, we could see a rally back to March lows at 1570 give or take a few dozen pips. 1300 will now act as support with 1250-1270 and 1180 being the obvious short term support levels. Back below 1180 opens up the possibility of a run to 1000 where highs from 2008 & 2009 come into play.

Gold Chart July 22

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