Back
26 Jan 2015
XAU/USD may test 1299 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, expects that XAU/USD might test 1299 levels, a break above which may lead the pair to retest 1306 levels.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) settled the week lower on Friday at 1294.11, unable to sustain gains above 1300 levels. A weekly closing above 1300 levels is crucial for the pair to test 1322-1340 levels on the upside. However, the pair remains underpinned on increased safe-haven bids amid tumbling Euro and commodity prices.”
“On the hourly chart, XAU/USD seems to have a strong support at 1290 levels and now trades at 1294 levels. The XAU/USD is on its way to the test 1290 levels which may be also seen from the bearish hourly RSI at 48. The pair may bounce-off these levels and push higher to test stiff resistance at 1299 levels.”
“A triangle break out on the upside (above 1299), the pair may jump to retest 1306 levels. A break down at 1290 levels may drown the pair down to 1285 levels.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) settled the week lower on Friday at 1294.11, unable to sustain gains above 1300 levels. A weekly closing above 1300 levels is crucial for the pair to test 1322-1340 levels on the upside. However, the pair remains underpinned on increased safe-haven bids amid tumbling Euro and commodity prices.”
“On the hourly chart, XAU/USD seems to have a strong support at 1290 levels and now trades at 1294 levels. The XAU/USD is on its way to the test 1290 levels which may be also seen from the bearish hourly RSI at 48. The pair may bounce-off these levels and push higher to test stiff resistance at 1299 levels.”
“A triangle break out on the upside (above 1299), the pair may jump to retest 1306 levels. A break down at 1290 levels may drown the pair down to 1285 levels.”