26 Mar 2015
Gold eyeing above $1200 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, notes that technicals suggest XAU/USD has further room for the upside, anticipating the pair to move higher to test 1209.50.
Key Quotes
“The pair, currently, trades elevated at 1199.72 levels, hovering close to fresh three week highs finally reached just ahead of 1200 levels.”
“XAU/USD surpassed 1200 psychological barrier on a fresh demand for safe-havens after news hit the wires of Saudi Arabia’s initiation of military operations against Yemen. Also, a broadly weaker US dollar still pressured on downbeat US macro data released yesterday continues to lift XAU/USD higher.”
“The pair is seen wavering around 1200, and is expected test the 100-DMA resistance at 1209.50 levels before resuming its upside momentum. The daily RSI at 55.33 levels aims higher suggesting further room for upside.”
“The pair is expected to remain supported on rising geopolitical concerns and a weaker USD so long as it remains above 5-DMA support located at 1191.64 levels.”
Key Quotes
“The pair, currently, trades elevated at 1199.72 levels, hovering close to fresh three week highs finally reached just ahead of 1200 levels.”
“XAU/USD surpassed 1200 psychological barrier on a fresh demand for safe-havens after news hit the wires of Saudi Arabia’s initiation of military operations against Yemen. Also, a broadly weaker US dollar still pressured on downbeat US macro data released yesterday continues to lift XAU/USD higher.”
“The pair is seen wavering around 1200, and is expected test the 100-DMA resistance at 1209.50 levels before resuming its upside momentum. The daily RSI at 55.33 levels aims higher suggesting further room for upside.”
“The pair is expected to remain supported on rising geopolitical concerns and a weaker USD so long as it remains above 5-DMA support located at 1191.64 levels.”