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21 May 2015
Gold extending its post-FOMC upside bias – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, notes that XAU/USD is seen supported at 1207.80 and inching higher towards 1212.80 levels, with the precious metal seen extending its upside as USD remains weak post FOMC.
Key Quotes
“Currently, XAU/USD remains supported above the 10-DMA support placed at 1207.80, while the upside seems capped by 100-DMA resistance located at 1212.80.”
“The pair extends its post-FOMC minutes upside bias as the greenback remains broadly weak while markets continue to absorb the Fed minutes. The daily RSI has inched higher slightly indicating likelihood of further upward moves.”
“To the upside, the pair may retest 100-DMA and daily highs confluence at 1212.80. A break above the last, XAU bulls may extend to the next resistance located at 5-DMA and 200-DMA convergence around 1215.50. Only a convincing break above 200-DMA, may drive the pair higher towards a test of 1220 levels and beyond.”
“To the downside, a break below 10-DMA, the pair could drop sharply to 1203.20 (May 20 Low) levels and below that may test the crucial psychological level at 1200. However, further direction on the pair may shape on the release of a host of US macro data due later today.”
Key Quotes
“Currently, XAU/USD remains supported above the 10-DMA support placed at 1207.80, while the upside seems capped by 100-DMA resistance located at 1212.80.”
“The pair extends its post-FOMC minutes upside bias as the greenback remains broadly weak while markets continue to absorb the Fed minutes. The daily RSI has inched higher slightly indicating likelihood of further upward moves.”
“To the upside, the pair may retest 100-DMA and daily highs confluence at 1212.80. A break above the last, XAU bulls may extend to the next resistance located at 5-DMA and 200-DMA convergence around 1215.50. Only a convincing break above 200-DMA, may drive the pair higher towards a test of 1220 levels and beyond.”
“To the downside, a break below 10-DMA, the pair could drop sharply to 1203.20 (May 20 Low) levels and below that may test the crucial psychological level at 1200. However, further direction on the pair may shape on the release of a host of US macro data due later today.”