10 Mar 2015
Gold might drop to $1146 on dollar strength – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, views that any XAU/USD upside rally remains a good sell opportunity, with the pair expected to drop toward 1146 on a break below the daily low at 1159.80.
Key Quotes
“The pair fell further in red today, hitting fresh three month lows at 1159.80 and trades at 1161.40 levels, largely as the USD was preferred by traders as risk-on sentiment returned to markets.”
“The US dollar index posted fresh twelve year highs at 98.18 levels, following which gold prices tumbled to fresh 3-month lows.”
“The daily RSI at 25.59 levels stands in an extremely oversold zone, points to more room to the downside.”
“The pair is likely to remain weak and may drop further to test next major support at 1146 levels below a break of daily lows.”
“The upside is expected to remain limited and XAU/USD may retest day’s high at 1169.20 levels. However, every rally on the upside should be considered as a good shorting opportunity until the pair breaks above 5-DMA located at 1179.66 levels.”
Key Quotes
“The pair fell further in red today, hitting fresh three month lows at 1159.80 and trades at 1161.40 levels, largely as the USD was preferred by traders as risk-on sentiment returned to markets.”
“The US dollar index posted fresh twelve year highs at 98.18 levels, following which gold prices tumbled to fresh 3-month lows.”
“The daily RSI at 25.59 levels stands in an extremely oversold zone, points to more room to the downside.”
“The pair is likely to remain weak and may drop further to test next major support at 1146 levels below a break of daily lows.”
“The upside is expected to remain limited and XAU/USD may retest day’s high at 1169.20 levels. However, every rally on the upside should be considered as a good shorting opportunity until the pair breaks above 5-DMA located at 1179.66 levels.”