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4 May 2015
Gold might extend to $1191.02 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the technical outlook and key levels for XAU/USD, anticipating gains towards 1191.02 if the pair breaks above 1185.20.
Key Quotes
“Gold prices gained amid a broadly muted US dollar, consolidating previous gains supported by upbeat US macro data. The daily RSI at 45.43 aims higher below the mid lines indicating further room for upside.”
“A break above previous highs at 1185.20 is required to confirm further bullish momentum. Beyond the last, XAU/USD could extend to test 50-DMA located at 1191.02. However, the upside seems limited as the US dollar is likely to extend its rally riding higher on the wave of better than expected US fundamentals.”
“To the downside, a break below the key support at 1178, the pair may fall back in red and may retest previous lows at 1168.93.”
Key Quotes
“Gold prices gained amid a broadly muted US dollar, consolidating previous gains supported by upbeat US macro data. The daily RSI at 45.43 aims higher below the mid lines indicating further room for upside.”
“A break above previous highs at 1185.20 is required to confirm further bullish momentum. Beyond the last, XAU/USD could extend to test 50-DMA located at 1191.02. However, the upside seems limited as the US dollar is likely to extend its rally riding higher on the wave of better than expected US fundamentals.”
“To the downside, a break below the key support at 1178, the pair may fall back in red and may retest previous lows at 1168.93.”