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16 Mar 2015
Gold might rise to $1165 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the technical outlook for XAU/USD, viewing that a mild upside bias exists, which could lead to a test of 1161.77 levels, above which paves way for 1165.
Key Quotes
“XAU/USD advanced largely on broad based US dollar weakness. The pair may face next hurdle at previous highs placed at 1161.77 levels. A break above that level, the pair may test next resistance at 1165 levels.”
“The daily RSI has turned slightly higher at 27.83 levels indicating a mild upside bias may persist.”
“To the downside, a break below daily lows at 1153.55 levels, the pair may accelerate losses and test the trend line support of 1147.86 levels.”
“Overall, XAU/USD is likely to trade in a narrow with limited upside as the greenback is expected to remain supported ahead of FOMC this Wednesday.”
Key Quotes
“XAU/USD advanced largely on broad based US dollar weakness. The pair may face next hurdle at previous highs placed at 1161.77 levels. A break above that level, the pair may test next resistance at 1165 levels.”
“The daily RSI has turned slightly higher at 27.83 levels indicating a mild upside bias may persist.”
“To the downside, a break below daily lows at 1153.55 levels, the pair may accelerate losses and test the trend line support of 1147.86 levels.”
“Overall, XAU/USD is likely to trade in a narrow with limited upside as the greenback is expected to remain supported ahead of FOMC this Wednesday.”