22 Jan 2015
XAU/USD may test 1286.34 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, notes that XAU/USD bears are likely to be in full control as Gold is expected to test USD 1286.34 levels if it breaks below USD 1292.25 levels.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) hit a fresh five month high at 1305.19 levels, breaking above the crucial USD 1300 mark. However, the pair failed to sustain above 1300 levels and retreated to end at 1291.82 levels on Wednesday.”
“On the hourly chart, XAU/USD is seen trading in a very tight range, sitting at a strong support of hourly 5-DMA, hourly 10-DMA and hourly 50-DMA located at 1292.25 levels.”
“The XAU bears are likely to be in full control as the bearish hourly RSI is inching lower at 48 levels. The pair is expected to fall further to test 5-DMA on daily charts placed at 1286.34 levels in case of a break below 1292.25 levels.”
“Overall, the pair may remains pressured with limited upside. The major resistance is likely to be 1295.77 levels. A break above this level, the pair may once again test the USD 1300 threshold.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) hit a fresh five month high at 1305.19 levels, breaking above the crucial USD 1300 mark. However, the pair failed to sustain above 1300 levels and retreated to end at 1291.82 levels on Wednesday.”
“On the hourly chart, XAU/USD is seen trading in a very tight range, sitting at a strong support of hourly 5-DMA, hourly 10-DMA and hourly 50-DMA located at 1292.25 levels.”
“The XAU bears are likely to be in full control as the bearish hourly RSI is inching lower at 48 levels. The pair is expected to fall further to test 5-DMA on daily charts placed at 1286.34 levels in case of a break below 1292.25 levels.”
“Overall, the pair may remains pressured with limited upside. The major resistance is likely to be 1295.77 levels. A break above this level, the pair may once again test the USD 1300 threshold.”