20 Mar 2015
Gold might play the range-game – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the outlook and key technical levels for XAU/USD, expecting the pair to remain range-bound.
Key Quotes
“The pair, currently, remains supported at 1170 levels, having bounced-off highs at 1173.74 levels and posted fresh session lows at 1169.91 levels.”
“The pair has formed a small doji on the daily chart suggesting lack of clear direction along with a flattish daily RSI at 39.75 levels.”
“Despite, a broad based USD weakness, gold prices continue to trade lacklustre near lows largely as traders await fresh triggers for further momentum on XAU/USD.”
“To the downside, a break below daily low, the pair is expected to land on the support at 5-DMA located at 1164.11 and below that levels doors would open for a retest of previous lows at 1159.53.”
“To the upside, the pair faces stiff resistance at day’s high. Beyond a break of daily high, the pair may climb further to test previous high at 1177.85.”
“Overall, the pair is likely to remain range bound with the upside limited on resumption of the greenback uptrend and downside cushioned by the dovish FOMC.”
Key Quotes
“The pair, currently, remains supported at 1170 levels, having bounced-off highs at 1173.74 levels and posted fresh session lows at 1169.91 levels.”
“The pair has formed a small doji on the daily chart suggesting lack of clear direction along with a flattish daily RSI at 39.75 levels.”
“Despite, a broad based USD weakness, gold prices continue to trade lacklustre near lows largely as traders await fresh triggers for further momentum on XAU/USD.”
“To the downside, a break below daily low, the pair is expected to land on the support at 5-DMA located at 1164.11 and below that levels doors would open for a retest of previous lows at 1159.53.”
“To the upside, the pair faces stiff resistance at day’s high. Beyond a break of daily high, the pair may climb further to test previous high at 1177.85.”
“Overall, the pair is likely to remain range bound with the upside limited on resumption of the greenback uptrend and downside cushioned by the dovish FOMC.”