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10 Feb 2015
XAU/USD set to test 1255 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, views that XAU/USD bulls might drag the pair higher towards 1255 levels on a break above 1243.80.
Key Quotes
“On the hourly chart, the pair has given a clear symmetrical triangle breakout and heads north to test the hourly 50-DMA located at 1243.80 levels.”
“A break above that level XAU bulls may take charge and push the pair higher to test hourly 100-DMA located at 1255 levels.”
“In a yet another failed attempt to breach hourly 50-DMA barrier, the pair may bounce-off to test immediate support at hourly 5-DMA placed at 1242.10 ahead of major support of 1237 levels.”
“The bullish hourly RSI at 54 levels has also turned slightly lower indicating the pair may test hourly 5-DMA before storming its way through the hourly 50-DMA (1243.80 levels).”
Key Quotes
“On the hourly chart, the pair has given a clear symmetrical triangle breakout and heads north to test the hourly 50-DMA located at 1243.80 levels.”
“A break above that level XAU bulls may take charge and push the pair higher to test hourly 100-DMA located at 1255 levels.”
“In a yet another failed attempt to breach hourly 50-DMA barrier, the pair may bounce-off to test immediate support at hourly 5-DMA placed at 1242.10 ahead of major support of 1237 levels.”
“The bullish hourly RSI at 54 levels has also turned slightly lower indicating the pair may test hourly 5-DMA before storming its way through the hourly 50-DMA (1243.80 levels).”