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31 Mar 2015
Gold might drop to $1177.36 – FXStreet
FXStreet (Barcelona) - According to Dhwani Mehta, FXStreet Editor and Analyst, XAU/USD looks set to drop lower towards 1177.36 on a break below 1179.78, with technicals supporting the view.
Key Quotes
“the losses in the pair seem restricted by 20-DMA support located at 1177.36 levels. While the upside remains capped by 10-DMA barrier at 1187.26.”
“The pair seems to consolidate losses and awaits fresh incentives from the session ahead amid persistent USD strength.”
“The pair may drop from current levels and retest daily lows at 1179.78 levels. The daily RSI at 45.65 aims lower, building case for further downside.”
“A break below daily lows the pair may test 20-DMA at 1177.36 and below that floors are likely to open for a test of 1169 levels (March 19 Low).”
“Overall, the pair is expected to remain pressured as the US dollar is likely to remain supported on recent series of upbeat macro data in the US.”
Key Quotes
“the losses in the pair seem restricted by 20-DMA support located at 1177.36 levels. While the upside remains capped by 10-DMA barrier at 1187.26.”
“The pair seems to consolidate losses and awaits fresh incentives from the session ahead amid persistent USD strength.”
“The pair may drop from current levels and retest daily lows at 1179.78 levels. The daily RSI at 45.65 aims lower, building case for further downside.”
“A break below daily lows the pair may test 20-DMA at 1177.36 and below that floors are likely to open for a test of 1169 levels (March 19 Low).”
“Overall, the pair is expected to remain pressured as the US dollar is likely to remain supported on recent series of upbeat macro data in the US.”