Back
20 Apr 2015
Gold might remain range-bound – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, Gold looks likely to remain trapped in the 1196.17-1212.40 range.
Key Quotes
“Currently, XAU/USD trades near lows 1203.81 levels, well supported above 10-DMA located at 1201.60, with a day’s high at 1206.67. The pair seems to consolidate previous gains and edged lower on a round of profit booking after the recent gains.”
“The pair seems struggling between a tight band with the upside capped by 100-DMA located at 1212.40 levels and downside cushioned by 50-DMA placed at 1196.17. The daily RSI at 53.20 has turned slightly flattish suggesting a wait and watch mode amid a data-dry EUR and USD calendar.”
“The pair is expected to remain range bound with a likely test of 100-DMA beyond a break of daily highs.”
“To the downside, the pair may test 10-DMA at 1201.60 and XAU bears may take below last, knocking the pair to the 50-DMA crucial support.”
Key Quotes
“Currently, XAU/USD trades near lows 1203.81 levels, well supported above 10-DMA located at 1201.60, with a day’s high at 1206.67. The pair seems to consolidate previous gains and edged lower on a round of profit booking after the recent gains.”
“The pair seems struggling between a tight band with the upside capped by 100-DMA located at 1212.40 levels and downside cushioned by 50-DMA placed at 1196.17. The daily RSI at 53.20 has turned slightly flattish suggesting a wait and watch mode amid a data-dry EUR and USD calendar.”
“The pair is expected to remain range bound with a likely test of 100-DMA beyond a break of daily highs.”
“To the downside, the pair may test 10-DMA at 1201.60 and XAU bears may take below last, knocking the pair to the 50-DMA crucial support.”