Gold (^XAUUSD) Analysis 232-10-2012

Analysis of XAU/USD , for 23-10-2012 By Taqi Niaxee

Our Preference: LONG positions above 1713 with 1731 & 1747 as next targets.
Alternative scenario: The downside penetration of 1713 will call for a slide towards 1703 & 1698.
Comment: the RSI is mixed with a bullish bias.

According to my personal experience the GOLD still have minor bull position against the USD. 

Overall Average: 24% Sell

Forex Quote as of Sunday, Oct 23, 2012 

High	1,730.16	Low	1,706.15
52Wk High 1,802.69             Since 11/08/11 (-5.13%)		52Wk Low 1,522.53      Since 12/29/11 (+12.33%)
Open	1,728.29	Prev Close	1,728.44
Volume	91,021	Avg Volume	185,842
Weighted Alpha	+0.55	Standard Dev	-1.69
20-Day Average 1,757.83		100-Day Average 1,660.53
14-Day Rel Strength 37.13%		14-Day Stochastic 4.59%
Trend Spotter	Sell	Trend Strength	Strong

Support & Resistance

2nd Resistance Point		1,739.45
1st Resistance Point		1,733.94
1st Support Level		1,703.16
2nd Support Level		1,698.89