5 Mar 2015
Gold to remain support at $1200 ahead of US NFP – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the technical outlook for XAU/USD, expecting USD strength to keep the upside capped for the pair, which might remain above $1200 levels ahead of the US jobs data release.
Key Quotes
“Currently, the pair trades higher at 1204.34 levels and faces stiff resistance at 10-DMA located at 1205.77 levels.”
“Gold prices are expected to remain buoyed largely on risk-aversion with the daily RSI ticked upwards at 40.05 backing the case for an upside in the making.”
“A break above 10-DMA, the pair may face immediate upside barrier at 5-DMA located at 1206.34 levels.”
“Beyond 5-DMA, the pair may sail smoothly towards the confluence of 20-DMA and 100-DMA around 1215 levels, forming a dense resistance there.”
“The persistent strength in the US dollar may cap the upside and XAU/USD is expected to bounce-off 1215 levels and fall back to crucial support at USD 1200 levels.”
“Overall, the pair is likely to remain underpinned above 1200 levels ahead of US unemployment claims figures and further upside for the pair is likely with a break above 100-DMA.”
Key Quotes
“Currently, the pair trades higher at 1204.34 levels and faces stiff resistance at 10-DMA located at 1205.77 levels.”
“Gold prices are expected to remain buoyed largely on risk-aversion with the daily RSI ticked upwards at 40.05 backing the case for an upside in the making.”
“A break above 10-DMA, the pair may face immediate upside barrier at 5-DMA located at 1206.34 levels.”
“Beyond 5-DMA, the pair may sail smoothly towards the confluence of 20-DMA and 100-DMA around 1215 levels, forming a dense resistance there.”
“The persistent strength in the US dollar may cap the upside and XAU/USD is expected to bounce-off 1215 levels and fall back to crucial support at USD 1200 levels.”
“Overall, the pair is likely to remain underpinned above 1200 levels ahead of US unemployment claims figures and further upside for the pair is likely with a break above 100-DMA.”