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28 Jan 2015
XAU/USD bullish above 1285.85 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, comments that XAU/USD might test 1292 levels, a break above which might lead the pair towards 1300 levels, further adding that the pair will likely remain elevated as long as it trades above 1285.85.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) was lifted on Tuesday by a series of weak US economic data and ended higher at 1293.40 levels, retracting from intraday high posted at 1297.64. Currently, the pair is seen trading subdued in a tight range at 1289 levels as traders brace for the US FOMC Statement later today.”
“On the hourly chart, a cup and handle pattern is formed which clearly indicates an upside in the making. However, the pair may drop to hourly 50-DMA located at 1286 levels before bouncing off to test hourly 10-DMA placed at 1292 levels. A break above these levels may cause the XAU bulls to take full control to retest 1300 levels. An upward inching RSI at 62 levels also indicates bullish trend to continue.”
“The XAU/USD pair is likely to remain elevated as long as it hold above the hourly 200-DMA located at 1285.85 levels.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) was lifted on Tuesday by a series of weak US economic data and ended higher at 1293.40 levels, retracting from intraday high posted at 1297.64. Currently, the pair is seen trading subdued in a tight range at 1289 levels as traders brace for the US FOMC Statement later today.”
“On the hourly chart, a cup and handle pattern is formed which clearly indicates an upside in the making. However, the pair may drop to hourly 50-DMA located at 1286 levels before bouncing off to test hourly 10-DMA placed at 1292 levels. A break above these levels may cause the XAU bulls to take full control to retest 1300 levels. An upward inching RSI at 62 levels also indicates bullish trend to continue.”
“The XAU/USD pair is likely to remain elevated as long as it hold above the hourly 200-DMA located at 1285.85 levels.”