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3 Apr 2015
Gold might fall to $1180 on an upbeat US NFP – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, an upbeat US NFP result might boost June rate hike expectations and push XAU/USD lower towards 1180 levels.
Key Quotes
“The pair may fall from current levels and test strong resistance formed around 1195 levels where the 5-DMA and 10-DMA converge. A bounce-back may be expected from that levels and XAU bulls may drive the pair higher to test previous highs at 1207.39.”
“The pair may extend further and test the confluence of 50-DMA and 100-DMA located at 1211 levels and storm their way through 1220 levels in case US jobs report disappoints markets.”
“On the other hand, if the NFP figures beat expectation or come out in line with estimates than June rate-hike bets will be back on table, dragging the pair lower to 1180 levels.”
Key Quotes
“The pair may fall from current levels and test strong resistance formed around 1195 levels where the 5-DMA and 10-DMA converge. A bounce-back may be expected from that levels and XAU bulls may drive the pair higher to test previous highs at 1207.39.”
“The pair may extend further and test the confluence of 50-DMA and 100-DMA located at 1211 levels and storm their way through 1220 levels in case US jobs report disappoints markets.”
“On the other hand, if the NFP figures beat expectation or come out in line with estimates than June rate-hike bets will be back on table, dragging the pair lower to 1180 levels.”