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15 Jan 2015
XAU/USD faces stiff resistance at 1244 levels – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD might test 1232.22 levels and a break above it might push the pair higher to retest the strong resistance at 1244.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) snapped previous gains and settled slightly lower on Wednesday at 1230.98 levels, despite a weak US dollar on bearish retail sales report released in the US last session. “
“The pair formed a doji on the daily charts and now trades at 1230.43, having previously posted day’s low at 1227 levels.”
“On the hourly charts, XAU/USD seems to have bounced-off several times from 1230 levels where the hourly 5-DMA and hourly 10-DMA converge. The pair is poised to test hourly 20-DMA located at 1232.22 levels.”
“A break above 1232.22 levels may take the pair higher to retest a strong barrier at 1244 levels.”
“However, selling pressure may intensify if the pair breaches 1230 levels. The pair may then fall further to test hourly 100-DMA located at 1227.86 levels. The hourly bearish RSI stands at 47.80 which also indicate downside bias for the pair.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) snapped previous gains and settled slightly lower on Wednesday at 1230.98 levels, despite a weak US dollar on bearish retail sales report released in the US last session. “
“The pair formed a doji on the daily charts and now trades at 1230.43, having previously posted day’s low at 1227 levels.”
“On the hourly charts, XAU/USD seems to have bounced-off several times from 1230 levels where the hourly 5-DMA and hourly 10-DMA converge. The pair is poised to test hourly 20-DMA located at 1232.22 levels.”
“A break above 1232.22 levels may take the pair higher to retest a strong barrier at 1244 levels.”
“However, selling pressure may intensify if the pair breaches 1230 levels. The pair may then fall further to test hourly 100-DMA located at 1227.86 levels. The hourly bearish RSI stands at 47.80 which also indicate downside bias for the pair.”