3 Feb 2015
XAU/USD may move towards 1282 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, notes that technicals suggest XAU/USD might climb higher towards 1282 if it holds above 1275.86, while a break below 1272 may see 1264 levels.
Key Quotes
“Below estimates US economic releases in the US last session did lift gold prices from daily lows, but eventually closed in red on Monday at 1274.66 levels.”
“Currently, the pair trades at 1276.86 levels, having broken above the strong resistance of the hourly 5-DMA, 10-DMA, 20-DMA and 50-DMA crossover. The pair has also broken above the hourly 100-DMA located at 1275.86 levels and seems to head higher.”
“The bullish hourly RSI at 54 levels suggests the upside in making. To the upside, the pair may pull higher to 1282 levels if it holds above the hourly 100-DMA located at 1275.86.”
“To the downside, the pair finds strong support at 1272 levels. The pair may test 20-DMA on daily chart located at 1264 levels if the pair breaks below 1272 support.”
Key Quotes
“Below estimates US economic releases in the US last session did lift gold prices from daily lows, but eventually closed in red on Monday at 1274.66 levels.”
“Currently, the pair trades at 1276.86 levels, having broken above the strong resistance of the hourly 5-DMA, 10-DMA, 20-DMA and 50-DMA crossover. The pair has also broken above the hourly 100-DMA located at 1275.86 levels and seems to head higher.”
“The bullish hourly RSI at 54 levels suggests the upside in making. To the upside, the pair may pull higher to 1282 levels if it holds above the hourly 100-DMA located at 1275.86.”
“To the downside, the pair finds strong support at 1272 levels. The pair may test 20-DMA on daily chart located at 1264 levels if the pair breaks below 1272 support.”