9 Jul 2015
Gold might test resistance at $1070 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, sees upside gains possible for XAU/USD towards 1170 and even 1176.14.
Key Quotes
“Technically, on daily charts, the pair is expected to extend its upward moves and could rise to next resistance located around 1070 levels, beyond a break of 10-DMA placed at 1167.30. Above which doors will open up for a test of 20-DMA located at 1176.14. The daily RSI at 40.56 aims sharply higher, indicating further upside bias persists.”
“However, a break below daily lows at 1155.93 selling pressure may intensify, pushing the pair lower towards 1150 levels.”
Key Quotes
“Technically, on daily charts, the pair is expected to extend its upward moves and could rise to next resistance located around 1070 levels, beyond a break of 10-DMA placed at 1167.30. Above which doors will open up for a test of 20-DMA located at 1176.14. The daily RSI at 40.56 aims sharply higher, indicating further upside bias persists.”
“However, a break below daily lows at 1155.93 selling pressure may intensify, pushing the pair lower towards 1150 levels.”