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26 Feb 2015
XAU/USD likely to test 1216.12 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD will likely remain elevated ahead of US data releases later in the day, with technicals supporting a higher push towards 1216.12.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended modestly flat on Wednesday at 1205.64, holding firmly above USD 1200 levels.”
“Gold prices failed an attempt to test 10-DMA located at 1213.24 levels and bounced-off highs at 1211.80 levels and fell back to finish almost unchanged as the US dollar regained some lost strength after Fed Chair Yellen stuck to its patient theme in the second round of her testimony last night.”
“The pair trades now at 1209.49, hovering close to day’s high and attempting another run to test 10-DMA located at 1211.82 levels.”
“The pair could test 100-DMA placed at 1216.12 levels beyond 10-DMA as a doji formed in the previous session and RSI (40.87) headed upwards, strongly indicate a likely test on the upside.”
“A failure to breach 10-DMA levels, the pair may rebound and fall back to test 5-DMA support located at 1205 levels. A break below that level, may open doors further down, once again testing trend line support at 1200 levels.”
“The pair is likely to remain elevated ahead of major US economic releases later in the day.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) ended modestly flat on Wednesday at 1205.64, holding firmly above USD 1200 levels.”
“Gold prices failed an attempt to test 10-DMA located at 1213.24 levels and bounced-off highs at 1211.80 levels and fell back to finish almost unchanged as the US dollar regained some lost strength after Fed Chair Yellen stuck to its patient theme in the second round of her testimony last night.”
“The pair trades now at 1209.49, hovering close to day’s high and attempting another run to test 10-DMA located at 1211.82 levels.”
“The pair could test 100-DMA placed at 1216.12 levels beyond 10-DMA as a doji formed in the previous session and RSI (40.87) headed upwards, strongly indicate a likely test on the upside.”
“A failure to breach 10-DMA levels, the pair may rebound and fall back to test 5-DMA support located at 1205 levels. A break below that level, may open doors further down, once again testing trend line support at 1200 levels.”
“The pair is likely to remain elevated ahead of major US economic releases later in the day.”