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11 May 2015
Gold likely to dip towards $ 1180.50 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, maintains a slight bearish bias on XAU/USD, anticipating a test of 1180.50 levels.
Key Quotes
“Currently, XAU/USD wavers below 50-DMA located at 1189.29, having faced rejection around that level. The pair is seen consolidating previous gains and the upside remains capped by 10-DMA resistance located at 1191.20 levels. The daily RSI trades almost directionless circa 47 levels in the oversold region suggest slightly bearish bias still holds.”
“The RSI stands at 48.91, having breached the mid lines and aims lower pointing out to more room for declines. Hence, the pair is likely to test the trend line support located at 1180.50 levels.”
“The downside may remain restricted amid a data-thin day with no major events to impact USD moves further.”
“However, a breach of 10-DMA at 1191.20, the pair may advance to retest 20-DMA placed at 1194 levels.”
Key Quotes
“Currently, XAU/USD wavers below 50-DMA located at 1189.29, having faced rejection around that level. The pair is seen consolidating previous gains and the upside remains capped by 10-DMA resistance located at 1191.20 levels. The daily RSI trades almost directionless circa 47 levels in the oversold region suggest slightly bearish bias still holds.”
“The RSI stands at 48.91, having breached the mid lines and aims lower pointing out to more room for declines. Hence, the pair is likely to test the trend line support located at 1180.50 levels.”
“The downside may remain restricted amid a data-thin day with no major events to impact USD moves further.”
“However, a breach of 10-DMA at 1191.20, the pair may advance to retest 20-DMA placed at 1194 levels.”