12 Jan 2015
XAU/USD might test 1232.72 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, anticipates XAU bulls to push XAU/USD higher to test 1.232.72 levels on a break above 1228, with the pair moving between the 1124.70-1128 range.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended the week higher on Friday at 1223.14 levels, after the US dollar received a major blow on a softer US employment data released in the US last Friday.”
“On the daily chart, the pair trades find a major support at 5-DMA placed at 1217.10 levels. Currently, the pair is seen trading in a narrow range consolidating between 1124.70–1128 levels.”
“A break below 1224.08 levels is likely to push the pair lower to test hourly 20-DMA located at 1219.84 levels. The downside in the pair is indicated by the hourly RSI which is seen in a highly overbought territory at 68.35 levels.”
“However, in case of a failure to breach 5-DMA on the daily charts, the pair may rebound to retest 1228.14 (Today’s High). The XAU bulls may storm to test 1232.72 (Dec 11 High) if the pair breaks above 1228 levels.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended the week higher on Friday at 1223.14 levels, after the US dollar received a major blow on a softer US employment data released in the US last Friday.”
“On the daily chart, the pair trades find a major support at 5-DMA placed at 1217.10 levels. Currently, the pair is seen trading in a narrow range consolidating between 1124.70–1128 levels.”
“A break below 1224.08 levels is likely to push the pair lower to test hourly 20-DMA located at 1219.84 levels. The downside in the pair is indicated by the hourly RSI which is seen in a highly overbought territory at 68.35 levels.”
“However, in case of a failure to breach 5-DMA on the daily charts, the pair may rebound to retest 1228.14 (Today’s High). The XAU bulls may storm to test 1232.72 (Dec 11 High) if the pair breaks above 1228 levels.”