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14 Apr 2015
Gold likely to drop to $1181 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD downtrend might persist as long as the precious metal trades below 1200, and a break below 1189.99 might trigger a fall towards 1181.
Key Quotes
“XAU/USD displays a trend line break down on daily charts and extends its downslide near 1192 levels.”
“The pair accelerated losses below 20-DMA support located at 1195 and fell to fresh weekly lows at 1189.99 levels. The daily RSI at 48 aims lower suggesting further case for downside.”
“Also, the US dollar has picked up strength across the board pushing gold prices further in to red.”
“As seen on the daily chart, the pair is likely to test the next support at 1181 levels, below a break of daily lows at 1189.99 levels.”
“A fresh sell-off is expected to trigger below 1181 support which may knock-off the pair to previous lows at 1178.”
“Overall, a generalized intraday downtrend persists so long as the pair remains below 1200 threshold where the 50-DMA and 5-DMA converge.”
Key Quotes
“XAU/USD displays a trend line break down on daily charts and extends its downslide near 1192 levels.”
“The pair accelerated losses below 20-DMA support located at 1195 and fell to fresh weekly lows at 1189.99 levels. The daily RSI at 48 aims lower suggesting further case for downside.”
“Also, the US dollar has picked up strength across the board pushing gold prices further in to red.”
“As seen on the daily chart, the pair is likely to test the next support at 1181 levels, below a break of daily lows at 1189.99 levels.”
“A fresh sell-off is expected to trigger below 1181 support which may knock-off the pair to previous lows at 1178.”
“Overall, a generalized intraday downtrend persists so long as the pair remains below 1200 threshold where the 50-DMA and 5-DMA converge.”