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13 Mar 2015
Gold set to push higher to $1166 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD might move higher to test 1166 levels on a break above 1161.77, with technicals supporting the view.
Key Quotes
“The pair, currently, trades near higher at 1159 levels, capped by 5-DMA located at 1159.85 levels.”
“XAU/USD spiked above the 5-DMA posting session highs at 1161.77 levels, however failed to sustain above it.”
“The pair is seen struggling near highs, striving to break above 1160 levels for a fresh round of XAU buying.”
“A sharp recovery in the greenback seems to be a hurdle for XAU/USD. However, with the daily RSI turned higher at 27.63 levels, the pair may rebuild strength and storm its way to test previous high at 1166 levels beyond a break of 1161.77 levels. XAU bulls may takeover thereon and push the pair further to test 1170 levels.”
“In case the US dollar continues its uptrend and inches towards fresh multi-year peaks, the pair may bounce-off daily highs and retest day’s low at 1153.94 levels. A break below that level, selling pressure may intensify dragging the pair to retest previous low at 1148.55 levels.”
Key Quotes
“The pair, currently, trades near higher at 1159 levels, capped by 5-DMA located at 1159.85 levels.”
“XAU/USD spiked above the 5-DMA posting session highs at 1161.77 levels, however failed to sustain above it.”
“The pair is seen struggling near highs, striving to break above 1160 levels for a fresh round of XAU buying.”
“A sharp recovery in the greenback seems to be a hurdle for XAU/USD. However, with the daily RSI turned higher at 27.63 levels, the pair may rebuild strength and storm its way to test previous high at 1166 levels beyond a break of 1161.77 levels. XAU bulls may takeover thereon and push the pair further to test 1170 levels.”
“In case the US dollar continues its uptrend and inches towards fresh multi-year peaks, the pair may bounce-off daily highs and retest day’s low at 1153.94 levels. A break below that level, selling pressure may intensify dragging the pair to retest previous low at 1148.55 levels.”