19 Jun 2015
Gold likely to drop to $1194.17 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, offers the technical outlook and key levels for XAU/USD, noting that a break below 1199.42 targets the 50-DMA located at 1194.17.
Key Quotes
“The pair tested the 200-DMA located at 1206.42, however faced rejection and retraced lower. The pair, albeit remained buoyed above 100-DMA support placed at 1199.42.”
“XAU/USD trades modestly flat, struggling around 1200 – key levels. The pair dipped to lows below 1200 levels as the traders resorted to profit-taking after the recent rally. However, the pair quickly regained footing and climbed back above 1200 barrier.”
“XAU/USD consolidates in a narrow range and awaits fresh incentives amid a data-dry trading session.”
“The pair has formed a small doji on daily charts while the daily RSI at 57 has turned dead flat which also suggest lack of clear direction. Hence, to the upside the pair could rise for a retest of 200-DMA located at 1206.27.”
“Conversely a break below the major 100-DMA support, the pair could see a fresh fall towards 50-DMA located at 1194.17.”
“Overall, the pair may extend its side-ways movement in the day ahead as traders remain on the side lines after a heavy week.”
Key Quotes
“The pair tested the 200-DMA located at 1206.42, however faced rejection and retraced lower. The pair, albeit remained buoyed above 100-DMA support placed at 1199.42.”
“XAU/USD trades modestly flat, struggling around 1200 – key levels. The pair dipped to lows below 1200 levels as the traders resorted to profit-taking after the recent rally. However, the pair quickly regained footing and climbed back above 1200 barrier.”
“XAU/USD consolidates in a narrow range and awaits fresh incentives amid a data-dry trading session.”
“The pair has formed a small doji on daily charts while the daily RSI at 57 has turned dead flat which also suggest lack of clear direction. Hence, to the upside the pair could rise for a retest of 200-DMA located at 1206.27.”
“Conversely a break below the major 100-DMA support, the pair could see a fresh fall towards 50-DMA located at 1194.17.”
“Overall, the pair may extend its side-ways movement in the day ahead as traders remain on the side lines after a heavy week.”