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9 Jan 2015
XAU/USD might move towards 1217 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, believes XAU/USD is supported by bullish indivators and hence might climb towards 1217 levels if it breaks above 1212.90 levels.
Key Quotes
“Gold prices in terms of USD (XAU/USD) finished lower on Thursday at 1208.17 levels, as the continued strength in the US dollar and higher global equities dampened the demand for gold, which pushed the pair lower.”
“The pair gained today, snapping two consecutive days of losses and trades well above the 5-DMA located at 1210.28 levels on the daily chart.”
“On the hourly chart, the pair trades at 1212.04 levels, bouncing-off from 1211.38 levels, where the hourly 5-DMA and hourly 50-DMA converge, which provided a strong support. The upside in the pair is also supported by a bullish RSI on the hourly chart which stands at 55.”
“On the daily chart, the pair faces stiff resistance at 100-DMA which is located at 1212.90 levels. A break above 100-DMA on the daily chart, may take the pair to post fresh daily highs at 1217 levels.”
“However, the failure to break above 1212.90 levels may push the pair lower to retest hourly 100-DMA located at 1208 levels.”
Key Quotes
“Gold prices in terms of USD (XAU/USD) finished lower on Thursday at 1208.17 levels, as the continued strength in the US dollar and higher global equities dampened the demand for gold, which pushed the pair lower.”
“The pair gained today, snapping two consecutive days of losses and trades well above the 5-DMA located at 1210.28 levels on the daily chart.”
“On the hourly chart, the pair trades at 1212.04 levels, bouncing-off from 1211.38 levels, where the hourly 5-DMA and hourly 50-DMA converge, which provided a strong support. The upside in the pair is also supported by a bullish RSI on the hourly chart which stands at 55.”
“On the daily chart, the pair faces stiff resistance at 100-DMA which is located at 1212.90 levels. A break above 100-DMA on the daily chart, may take the pair to post fresh daily highs at 1217 levels.”
“However, the failure to break above 1212.90 levels may push the pair lower to retest hourly 100-DMA located at 1208 levels.”