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27 Mar 2015
Gold trapped in range – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the technical outlook for XAU/USD, noting that with US GDP expected to come out lower, any losses for Gold might stand limited.
Key Quotes
“The pair, currently, trades in a slim range at 1202.70 levels, consolidating previous gains above 1200 levels.”
“XAU/USD drifted slightly today as traders booking profits after the recent rally and now awaits US GDP data for further direction on the pair. XAU/USD has formed a doji on the daily chart indicating lack of clear direction, with the daily RSI also turned flattish at 56.80 levels.”
“To the upside, the pair may climb from current levels and retest 100-DMA located at 1210 levels and beyond that 50-DMA placed at 1220 levels.”
“To the downside, the pair may fall from current levels and test 5-DMA at 1196.56 levels below a break of crucial 1200 barrier. However, losses in XAU/USD may remain limited as its widely expected that US CPI data is likely to disappoint markets, dragging USD lower.”
Key Quotes
“The pair, currently, trades in a slim range at 1202.70 levels, consolidating previous gains above 1200 levels.”
“XAU/USD drifted slightly today as traders booking profits after the recent rally and now awaits US GDP data for further direction on the pair. XAU/USD has formed a doji on the daily chart indicating lack of clear direction, with the daily RSI also turned flattish at 56.80 levels.”
“To the upside, the pair may climb from current levels and retest 100-DMA located at 1210 levels and beyond that 50-DMA placed at 1220 levels.”
“To the downside, the pair may fall from current levels and test 5-DMA at 1196.56 levels below a break of crucial 1200 barrier. However, losses in XAU/USD may remain limited as its widely expected that US CPI data is likely to disappoint markets, dragging USD lower.”