30 Apr 2015
Gold pressured as Dollar holds ground – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, shares the key upside and downside levels for XAU/USD, with the precious metal trading pressured near its lows at 1202 as USD reacts to the less than expected dovish Fed.
Key Quotes
“Currently, XAU/USD extends its downslide and trades near lows at 1202, well supported above 20-DMA located at 1200.41.”
“Gold prices remain pressured as the greenback continues to hold ground across the board backed by slightly less dovish FOMC statement.”
“The daily RSI at 52.30 has turned flattish indicating no clear direction set for the pair. However, with the moving averages forming a support zone around 1200 levels, the pair may regain strength and climb higher to retest daily highs at 1206.26 levels. A break above the last, the pair could rise to 100-DMA placed at 1211 levels.”
“However, a break below 1200 support, selling pressure may intensify knocking-off the pair to 50-DMA support at 1192 levels.”
Key Quotes
“Currently, XAU/USD extends its downslide and trades near lows at 1202, well supported above 20-DMA located at 1200.41.”
“Gold prices remain pressured as the greenback continues to hold ground across the board backed by slightly less dovish FOMC statement.”
“The daily RSI at 52.30 has turned flattish indicating no clear direction set for the pair. However, with the moving averages forming a support zone around 1200 levels, the pair may regain strength and climb higher to retest daily highs at 1206.26 levels. A break above the last, the pair could rise to 100-DMA placed at 1211 levels.”
“However, a break below 1200 support, selling pressure may intensify knocking-off the pair to 50-DMA support at 1192 levels.”