6 Apr 2015
Gold might test $1233.45 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, views that XAU/USD technicals remain supportive for a move higher towards the 200-DMA at 1233.45.
Key Quotes
“The pair, jumped on open today with a sharp positive gap of USD 18, piercing through 50-DMA and 100-DMA crucial resistances located at 1209.27 and 1211.58 respectively. The pair then rallied to fresh three week highs at 1218.71, although further upside remained capped by trend line resistance located at 1220 levels.”
“Currently the pair trades around 1217 levels, forming a small doji on the daily chart awaiting fresh cues from the US session amid a data dry European session.”
“The RSI at 61.80 in the bullish terrain aims higher supporting further case for upside.”
“XAU/USD may extend gains beyond a break of the trend line resistance at 1220 levels and climb further to test 200-DMA located at 1233.45 levels.”
“Overall, XAU/USD is expected to remain supported by poor US jobs data which has scaled back US fed rate hike bets for the time being, pushing treasury yields lower and thereby boosting gold’s appeal as a higher yielding asset.”
Key Quotes
“The pair, jumped on open today with a sharp positive gap of USD 18, piercing through 50-DMA and 100-DMA crucial resistances located at 1209.27 and 1211.58 respectively. The pair then rallied to fresh three week highs at 1218.71, although further upside remained capped by trend line resistance located at 1220 levels.”
“Currently the pair trades around 1217 levels, forming a small doji on the daily chart awaiting fresh cues from the US session amid a data dry European session.”
“The RSI at 61.80 in the bullish terrain aims higher supporting further case for upside.”
“XAU/USD may extend gains beyond a break of the trend line resistance at 1220 levels and climb further to test 200-DMA located at 1233.45 levels.”
“Overall, XAU/USD is expected to remain supported by poor US jobs data which has scaled back US fed rate hike bets for the time being, pushing treasury yields lower and thereby boosting gold’s appeal as a higher yielding asset.”