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23 Apr 2015
Gold awaiting US data for direction – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, gives the key upside and downside levels for XAU/USD, viewing that the precious metal will be driven by US macro data releases ahead in the day.
Key Quotes
“The pair awaits fresh incentives ahead of a data-heavy EUR calendar and NA session which may provide further direction on dollar moves. To the downside, the pair may drop to the next support at 1182.80 (April 14 Low) levels. A break below that level, XAU/USD may drop further to the crucial trend line support located around 1179 levels.”
“On weaker US macro data, XAU bulls may be boosted, driving the pair higher for a retest of 50-DMA located at 1194 levels and beyond. Overall, upcoming macro data is expected to shape further direction for XAU/USD.”
Key Quotes
“The pair awaits fresh incentives ahead of a data-heavy EUR calendar and NA session which may provide further direction on dollar moves. To the downside, the pair may drop to the next support at 1182.80 (April 14 Low) levels. A break below that level, XAU/USD may drop further to the crucial trend line support located around 1179 levels.”
“On weaker US macro data, XAU bulls may be boosted, driving the pair higher for a retest of 50-DMA located at 1194 levels and beyond. Overall, upcoming macro data is expected to shape further direction for XAU/USD.”