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1 Apr 2015
Gold: bullish momentum to emerge beyond $1191.70 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD might make a run for 1191.70, and a breach above it will confirm bullish momentum for the precious metal.
Key Quotes
“The pair, currently trades higher around 1187 levels, snapping its 3-day run of declines. However, the upside remains capped by 10-DMA barrier at 1189 levels.”
“The pair seems to consolidate previous losses and has edged higher given the broad USD weakness on profit-taking following the recent upsurge.”
“The daily RSI at 47.98 heads higher towards the bullish terrain and suggests further extension of the recovery mode.”
“A break above the 10-DMA resistance, the pair may extend to 5-DMA located at 1191.70 levels.”
“A breach of 5-DMA coupled with a daily closing above that level is expected to confirm a bullish momentum in XAU/USD.”
“To the downside, XAU/USD may fall from current levels and test daily lows at 1183.70. A fresh sell-off may trigger below a break of 1183.70 which may drag lower for a retest of 20-DMA support located at 1176.62.”
Key Quotes
“The pair, currently trades higher around 1187 levels, snapping its 3-day run of declines. However, the upside remains capped by 10-DMA barrier at 1189 levels.”
“The pair seems to consolidate previous losses and has edged higher given the broad USD weakness on profit-taking following the recent upsurge.”
“The daily RSI at 47.98 heads higher towards the bullish terrain and suggests further extension of the recovery mode.”
“A break above the 10-DMA resistance, the pair may extend to 5-DMA located at 1191.70 levels.”
“A breach of 5-DMA coupled with a daily closing above that level is expected to confirm a bullish momentum in XAU/USD.”
“To the downside, XAU/USD may fall from current levels and test daily lows at 1183.70. A fresh sell-off may trigger below a break of 1183.70 which may drag lower for a retest of 20-DMA support located at 1176.62.”