13 May 2015
Gold expected to test $1207 if US retail sales disappoints – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the probable price action in Gold into the US retail sales data release.
Key Quotes
“Technically, as mentioned before, gold prices are poised for a symmetrical triangle bullish breakout with 200-DMA at 1207 in sight above a sustained break of 1200 levels if the US data disappoints markets.”
“The daily RSI at 52 aims higher suggesting more room for upside.”
“Gold prices may reverse its upside bias in case the retail sales figures beat estimates or even come in line with expectations.”
“Gold finds good support at 50-DMA located at 1192.17 and a break below the last could drag the pair lower to 10-DMA placed at 1187.90 levels and below that to 1180 support.”
Key Quotes
“Technically, as mentioned before, gold prices are poised for a symmetrical triangle bullish breakout with 200-DMA at 1207 in sight above a sustained break of 1200 levels if the US data disappoints markets.”
“The daily RSI at 52 aims higher suggesting more room for upside.”
“Gold prices may reverse its upside bias in case the retail sales figures beat estimates or even come in line with expectations.”
“Gold finds good support at 50-DMA located at 1192.17 and a break below the last could drag the pair lower to 10-DMA placed at 1187.90 levels and below that to 1180 support.”