18 Jun 2015
Gold expected to move higher towards $1194.05 – FXStreet
FXStreet (Barcelona) - According to Dhwani Mehta, FXStreet Editor and Analyst, XAU/USD might see a upside climb towards 1194.05 as USD weakens, but a rebound in today’s US data might lead the precious metal to dip lower towards 1181.25.
Key Quotes
“The pair edged higher as the US dollar extends its weakness following the recent dovish FOMC statement. Looking ahead, there is a deluge of US data to be reported including, US CPI, weekly jobless claims, current account and Philly Fed Manufacturing gauge, which is likely to shape up further direction for XAU/USD. However, the pair may remain supported throughout most of the European session heading into the data ahead of US open.”
“Hence, the pair may extend its upsurge to 50-DMA resistance located at 1194.05, beyond which 100-DMA placed at 1199.30 may be tested. The daily RSI hovers around 49 and inches towards the positive territory, indicating more room for upside.”
“However, if the upcoming US data favours the USD bulls, then the pair could risk downside to 10-DMA support located at 1181.25. Below a break of the last, a fresh sell-off could trigger towards the trend line support located at 1173.15 levels.”
Key Quotes
“The pair edged higher as the US dollar extends its weakness following the recent dovish FOMC statement. Looking ahead, there is a deluge of US data to be reported including, US CPI, weekly jobless claims, current account and Philly Fed Manufacturing gauge, which is likely to shape up further direction for XAU/USD. However, the pair may remain supported throughout most of the European session heading into the data ahead of US open.”
“Hence, the pair may extend its upsurge to 50-DMA resistance located at 1194.05, beyond which 100-DMA placed at 1199.30 may be tested. The daily RSI hovers around 49 and inches towards the positive territory, indicating more room for upside.”
“However, if the upcoming US data favours the USD bulls, then the pair could risk downside to 10-DMA support located at 1181.25. Below a break of the last, a fresh sell-off could trigger towards the trend line support located at 1173.15 levels.”