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4 Mar 2015
Gold looking to re-test $1215.15 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the technical outlook for XAU/USD, expecting the pair to re-test the 100DMA at 1215.15 levels.
Key Quotes
“.. a strong support zone seems to have formed circa USD 1200 levels as gold prices have managed to consistently close above USD 1200 levels on daily basis.”
“A flattish US dollar and falling global equities coupled with the daily RSI ticked upwards at 40.41 appears supportive of gold prices.”
“To the upside, the pair faces stiff resistance of 5-DMA located at 1208.22 levels beyond daily highs (1207.59). A break above 5-DMA, XAU bulls may take charge and push the pair higher to retest 100-DMA placed at 1215.15 levels.”
“However, failure to hold above day’s low at 1204.20, the pair may once again test 1200 levels.”
“Selling pressure is expected to intensify below 1200 mark which may drag the pair to 1190 levels.”
“Overall, the pair likely to remain underpinned above 1200 levels ahead of US ADP employment change data and further upside for the pair is likely with a break above 100-DMA.”
Key Quotes
“.. a strong support zone seems to have formed circa USD 1200 levels as gold prices have managed to consistently close above USD 1200 levels on daily basis.”
“A flattish US dollar and falling global equities coupled with the daily RSI ticked upwards at 40.41 appears supportive of gold prices.”
“To the upside, the pair faces stiff resistance of 5-DMA located at 1208.22 levels beyond daily highs (1207.59). A break above 5-DMA, XAU bulls may take charge and push the pair higher to retest 100-DMA placed at 1215.15 levels.”
“However, failure to hold above day’s low at 1204.20, the pair may once again test 1200 levels.”
“Selling pressure is expected to intensify below 1200 mark which may drag the pair to 1190 levels.”
“Overall, the pair likely to remain underpinned above 1200 levels ahead of US ADP employment change data and further upside for the pair is likely with a break above 100-DMA.”