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15 Apr 2015
Gold bears eyeing $1180 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, sees the USD bid wave fuelling the XAU/USD bears, expecting a move lower towards 1182.40 if the pair breaks below 1190.75.
Key Quotes
“Currently, XAU/USD trades near lows around 1191 levels with the upside capped by 20-DMA located at 1196 levels. The pair remains well below the trend line support –turned resistance located at 1200 levels which indicates continuation of previous downtrend.”
“XAU bears continue to dominate in today’s trade, eyeing fresh two-week lows near 1180 levels.”
“The pair extends losses largely on the back of a renewed bid wave caught by the US dollar paring previous US data backed losses.”
“On the daily chart, the RSI at 47.50 lies in bearish territory and suggests more downside momentum. The pair is expected to drop further from current levels and retest daily lows at 1190.75. Below that level, selling pressure may intensify dragging XAU/USD lower for a retest of two week lows at 1182.40 (April 14 Low).”
“The upside seems limited and the pair may remain capped by key 1200 –psychological levels. Overall, a generalized intraday downtrend persists so long as the pair remains below 20-DMA.”
Key Quotes
“Currently, XAU/USD trades near lows around 1191 levels with the upside capped by 20-DMA located at 1196 levels. The pair remains well below the trend line support –turned resistance located at 1200 levels which indicates continuation of previous downtrend.”
“XAU bears continue to dominate in today’s trade, eyeing fresh two-week lows near 1180 levels.”
“The pair extends losses largely on the back of a renewed bid wave caught by the US dollar paring previous US data backed losses.”
“On the daily chart, the RSI at 47.50 lies in bearish territory and suggests more downside momentum. The pair is expected to drop further from current levels and retest daily lows at 1190.75. Below that level, selling pressure may intensify dragging XAU/USD lower for a retest of two week lows at 1182.40 (April 14 Low).”
“The upside seems limited and the pair may remain capped by key 1200 –psychological levels. Overall, a generalized intraday downtrend persists so long as the pair remains below 20-DMA.”