11 Feb 2015
XAU/USD set to trade in a narrow range – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD is likely to trade in the 1230-1251 range in the day ahead.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended lower on Tuesday at 1233.49 levels, continuing its range bound movement as traders remain cautious over concerns surrounding Greece debt negotiations.”
“The pair seems to be stuck in a tight band between 50-DMA (1230 levels) and 200-DMA (1251 levels), having bounced-off the crucial 50-DMA support on several occasions.”
“Currently, the pair trades [..] well supported above daily lows at 1233.40 levels. A break below that level, the pair may retest 50-DMA located at 1229.97 levels”
“XAU bulls may take full control at 50-DMA and rebound to intraday high at 1238.21 levels.”
“A breach of daily highs may take the pair higher to test immediate resistance of 5-DMA located at 1241.50 levels.”
“Overall, the pair may is expected to remain in a narrow range in the day ahead with daily RSI turned flat at 45.13 levels.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended lower on Tuesday at 1233.49 levels, continuing its range bound movement as traders remain cautious over concerns surrounding Greece debt negotiations.”
“The pair seems to be stuck in a tight band between 50-DMA (1230 levels) and 200-DMA (1251 levels), having bounced-off the crucial 50-DMA support on several occasions.”
“Currently, the pair trades [..] well supported above daily lows at 1233.40 levels. A break below that level, the pair may retest 50-DMA located at 1229.97 levels”
“XAU bulls may take full control at 50-DMA and rebound to intraday high at 1238.21 levels.”
“A breach of daily highs may take the pair higher to test immediate resistance of 5-DMA located at 1241.50 levels.”
“Overall, the pair may is expected to remain in a narrow range in the day ahead with daily RSI turned flat at 45.13 levels.”