16 Feb 2015
XAU/USD looking bullish – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, notes that technicals favour a move higher in XAU/USD, with the pair trading firm above the 50-DMA and eyeing the resistance at 1241.22.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) finished higher on Friday at 1229.60 levels, after break above the 50-DMA located at 1231.38 levels as the broad based US dollar weakness pushed the gold prices higher.”
“Currently, the pair trades comfortably above the 50-DMA levels at 1232.80 and finds good support at 5-DMA placed at 1228 levels on the daily chart.”
“The pair is seen making higher lows, suggesting a strong case for a likely extension of the uptrend.”
“Moreover, bullish RSI at 45.34 levels is inching higher supporting the upside in XAU/USD.”
“To the upside, the pair is on its way to test 10-DMA located at 1241.22 levels. A break above that level the pair may face strong resistance at 1246 levels. The pair may bounce-off 10-DMA and edge lower to retest 5-DMA (1228 levels). The pair may retest previous lows at 1222 levels in case of a breach of 5-DMA.”
“Overall, the pair is expected to remain buoyed on increased safe haven bids ahead of Greece-EU renegotiations later today and also on persistent weakness in the US dollar.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) finished higher on Friday at 1229.60 levels, after break above the 50-DMA located at 1231.38 levels as the broad based US dollar weakness pushed the gold prices higher.”
“Currently, the pair trades comfortably above the 50-DMA levels at 1232.80 and finds good support at 5-DMA placed at 1228 levels on the daily chart.”
“The pair is seen making higher lows, suggesting a strong case for a likely extension of the uptrend.”
“Moreover, bullish RSI at 45.34 levels is inching higher supporting the upside in XAU/USD.”
“To the upside, the pair is on its way to test 10-DMA located at 1241.22 levels. A break above that level the pair may face strong resistance at 1246 levels. The pair may bounce-off 10-DMA and edge lower to retest 5-DMA (1228 levels). The pair may retest previous lows at 1222 levels in case of a breach of 5-DMA.”
“Overall, the pair is expected to remain buoyed on increased safe haven bids ahead of Greece-EU renegotiations later today and also on persistent weakness in the US dollar.”