17 Mar 2015
Gold to remain trapped in a narrow range – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD is likely to remain trapped in the 1150-1165 range ahead of the FOMC meeting.
Key Quotes
“The pair, currently, trades higher at 1155.70 levels, having bounced-off stiff resistance faced at 5-DMA located at 1156.05 levels. The pair is expected to consolidate in a tight band between 1150-1165 levels as the XAU bulls may refrain from creating fresh positions ahead of FOMC meeting.”
“Also, a flattish daily RSI standing at 26 levels, indicates lack of fresh direction for the pair.”
“A break above that 5-DMA level, the pair may retest previous highs at 1164.07 levels.”
“To the downside, a break below daily lows at 1150 levels, the pair may accelerate losses and test the trend line support of 1147.70 (March 11 Low) levels.”
“Overall, XAU/USD is likely to trade in a narrow range with limited volatility as markets remain cautious ahead of the FOMC meeting due later this week which may provide fresh cues on the Fed’s future course of monetary policy outlook.”
Key Quotes
“The pair, currently, trades higher at 1155.70 levels, having bounced-off stiff resistance faced at 5-DMA located at 1156.05 levels. The pair is expected to consolidate in a tight band between 1150-1165 levels as the XAU bulls may refrain from creating fresh positions ahead of FOMC meeting.”
“Also, a flattish daily RSI standing at 26 levels, indicates lack of fresh direction for the pair.”
“A break above that 5-DMA level, the pair may retest previous highs at 1164.07 levels.”
“To the downside, a break below daily lows at 1150 levels, the pair may accelerate losses and test the trend line support of 1147.70 (March 11 Low) levels.”
“Overall, XAU/USD is likely to trade in a narrow range with limited volatility as markets remain cautious ahead of the FOMC meeting due later this week which may provide fresh cues on the Fed’s future course of monetary policy outlook.”