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14 May 2015
Gold likely to consolidate between $1205-1220 – FXStreet
FXStreet (Barcelona) - With Gold rallying above $1200 levels after USD underperformance, FXStreet Editor and Analyst, Dhwani Mehta, notes the yellow metal will likely maintain a $1205-$1220 range for today.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) finally broke its range trade below $ 1200 and pierced through the last displaying a bullish symmetrical triangle breakout as anticipated on the daily chart. The pair gunned down the strong résistance at 100-DMA located at 1210.95 and extended to 200-DMA at 1218.14 levels.”
“XAU bulls did manage to break above the 200-DMA, although failed to sustain above it, retracing 1213.60 at Wednesday close.”
“Gold prices rallied yesterday after US dollar extended its bearish bias after weaker retail sales data which pushed back rate-hike chatter for the near term.”
“Gold bulls seem to have jumped back into bids driving XAU/USD higher. The daily RSI at 59.37 has turned slightly upwards suggesting more room for upside. Hence, the pair may breach the 200-DMA and extend to the immediate resistance located at 1224 (April 6 High) levels.”
“However, a failure to sustain above 200-DMA, the pair may fall back towards 100-DMA support located at 1211.36 levels. The pair may extend decline to the trend line resistance –turned support located at 1205.17 levels.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) finally broke its range trade below $ 1200 and pierced through the last displaying a bullish symmetrical triangle breakout as anticipated on the daily chart. The pair gunned down the strong résistance at 100-DMA located at 1210.95 and extended to 200-DMA at 1218.14 levels.”
“XAU bulls did manage to break above the 200-DMA, although failed to sustain above it, retracing 1213.60 at Wednesday close.”
“Gold prices rallied yesterday after US dollar extended its bearish bias after weaker retail sales data which pushed back rate-hike chatter for the near term.”
“Gold bulls seem to have jumped back into bids driving XAU/USD higher. The daily RSI at 59.37 has turned slightly upwards suggesting more room for upside. Hence, the pair may breach the 200-DMA and extend to the immediate resistance located at 1224 (April 6 High) levels.”
“However, a failure to sustain above 200-DMA, the pair may fall back towards 100-DMA support located at 1211.36 levels. The pair may extend decline to the trend line resistance –turned support located at 1205.17 levels.”