30 Jan 2015
XAU/USD may push to the upside – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, expects XAU/USD bulls to push the pair higher towards 1275 levels, with technicals supporting the upside break.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) plunged to two-week lows and ended lower at 1260.50 levels on Thursday as traders weighed the Fed’s rate-hike outlook. The pair plunged fresh to two-week lows at the 200-DMA located at 1152 levels yesterday.”
“The pair seems to have bounce-off from lows and trades higher at 1261 levels, having found good support at 20-DMA located at 1256.72 levels.”
“The daily RSI at 54.15 levels stands flattish suggesting a break more likely on the upside. Currently, the pair is seen consolidating around 1261 levels.”
“The XAU bulls are expected to take charge and may push the pair higher to test 5-DMA located at 1275 levels.”
“However, a failure to sustain above the 20-DMA, selling pressure may intensify dragging the pair lower to retest 200-DMA levels.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) plunged to two-week lows and ended lower at 1260.50 levels on Thursday as traders weighed the Fed’s rate-hike outlook. The pair plunged fresh to two-week lows at the 200-DMA located at 1152 levels yesterday.”
“The pair seems to have bounce-off from lows and trades higher at 1261 levels, having found good support at 20-DMA located at 1256.72 levels.”
“The daily RSI at 54.15 levels stands flattish suggesting a break more likely on the upside. Currently, the pair is seen consolidating around 1261 levels.”
“The XAU bulls are expected to take charge and may push the pair higher to test 5-DMA located at 1275 levels.”
“However, a failure to sustain above the 20-DMA, selling pressure may intensify dragging the pair lower to retest 200-DMA levels.”