7 Apr 2015
Gold might remain around $1207.50 ahead of FOMC minutes – FXStreet
FXStreet (Barcelona) - Dhwani Mehta, FXStreet Editor and Analyst, believes that XAU/USD might consolidate its previous gains, and hold 1207.50 ahead of the FOMC minutes due tomorrow.
Key Quotes
“The pair currently trades near 1213.50 levels, moving farther away from fresh seven week highs reached in the previous session.”
“XAU/USD recovered partial losses and consolidates in a tight range, having previously bounced-off a brief dip below 100-DMA located at 1211.03.”
“The pair pared gains and fell back in red as the US dollar managed to fight its way back across the board, erasing NFP inspired losses. The daily RSI at 60.56 has inched slightly lower, pointing to further downward moves.”
“At the moment, the pair seems to retest daily highs at 1214.83. However, with the technical indicator not supportive, XAU/USD may bounce-off highs and edge lower to retest 100-DMA support, below which doors are likely to open for a test of strong support zone, formed around 1207.50 levels where 5-DMA and 50-DMA converge.”
“Overall, XAU/USD is expected to consolidate previous gains and hold above 50-DMA as focus now shifts towards FOMC minutes due tomorrow for further momentum.”
Key Quotes
“The pair currently trades near 1213.50 levels, moving farther away from fresh seven week highs reached in the previous session.”
“XAU/USD recovered partial losses and consolidates in a tight range, having previously bounced-off a brief dip below 100-DMA located at 1211.03.”
“The pair pared gains and fell back in red as the US dollar managed to fight its way back across the board, erasing NFP inspired losses. The daily RSI at 60.56 has inched slightly lower, pointing to further downward moves.”
“At the moment, the pair seems to retest daily highs at 1214.83. However, with the technical indicator not supportive, XAU/USD may bounce-off highs and edge lower to retest 100-DMA support, below which doors are likely to open for a test of strong support zone, formed around 1207.50 levels where 5-DMA and 50-DMA converge.”
“Overall, XAU/USD is expected to consolidate previous gains and hold above 50-DMA as focus now shifts towards FOMC minutes due tomorrow for further momentum.”