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14 Jan 2015
XAU/USD might rebound towards 1234.51 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, believes XAU/USD might rebound towards 1234.51 and retest yesterday’s high at 1244 if it continues to trade above 1224.85 levels.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) extended previous gains and settled higher on Tuesday at 1233.06 levels, as markets witnessed flight to safe-havens amid risk-off moods. The pair pared previous gains and edged lower today, having posted intraday low at 1225.04 levels.”
“On the daily chart, the pair finds good support at 5-DMA located at 1224.85 levels. A breach of that level may knock the pair down to test 1212 levels where the 10-DMA and 100-DMA converge. The downside in prices is also indicated by the daily RSI which turned lower at 60.34 levels.”
“However, a failure to break below 5-DMA at 1224.85 levels, the pair is expected to rebound to 1234.51 (Today’s High) levels and the XAU bulls may further storm their way higher to retest 1244 levels (Jan 13 High).”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) extended previous gains and settled higher on Tuesday at 1233.06 levels, as markets witnessed flight to safe-havens amid risk-off moods. The pair pared previous gains and edged lower today, having posted intraday low at 1225.04 levels.”
“On the daily chart, the pair finds good support at 5-DMA located at 1224.85 levels. A breach of that level may knock the pair down to test 1212 levels where the 10-DMA and 100-DMA converge. The downside in prices is also indicated by the daily RSI which turned lower at 60.34 levels.”
“However, a failure to break below 5-DMA at 1224.85 levels, the pair is expected to rebound to 1234.51 (Today’s High) levels and the XAU bulls may further storm their way higher to retest 1244 levels (Jan 13 High).”