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8 Jan 2015
XAU/EUR might find difficult to breach 1024 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, believes that XAU/EUR might find it difficult to break above 1024 levels, with hourly charts indicating the presence of a strong barrier at those levels.
Key Quotes
“Gold prices in terms of EUR (XAU/EUR) dropped on Wednesday to finish the day at 1024.47, snapping four consecutive days of gains and forming a doji on daily charts.”
“The pair may find it difficult to breach 1024 levels as hourly 10-DMA and hourly 20-DMA hold a strong barrier at those levels.”
“Further, supporting the downside in the pair, the hourly RSI stands bearish at 43.80 levels converging with the downtrend seen in the prices. Moreover, bears are likely to be in charge once XAU/EUR breaches 1017 on the downside, with bearish daily RSI of 66.07 seen in the overbought zone.”
“Selling pressure may intensify at these levels, which may result in the pair to test 5-DMA on daily charts located at 1013.55 levels.”
Key Quotes
“Gold prices in terms of EUR (XAU/EUR) dropped on Wednesday to finish the day at 1024.47, snapping four consecutive days of gains and forming a doji on daily charts.”
“The pair may find it difficult to breach 1024 levels as hourly 10-DMA and hourly 20-DMA hold a strong barrier at those levels.”
“Further, supporting the downside in the pair, the hourly RSI stands bearish at 43.80 levels converging with the downtrend seen in the prices. Moreover, bears are likely to be in charge once XAU/EUR breaches 1017 on the downside, with bearish daily RSI of 66.07 seen in the overbought zone.”
“Selling pressure may intensify at these levels, which may result in the pair to test 5-DMA on daily charts located at 1013.55 levels.”