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2 Jun 2015
Gold might drop to $1180 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, explains that XAU/USD might see a dip towards 1179.97 if the pair breaks below 1183.82, while above 1190 will expose 1196 levels.
Key Quotes
“…to the downside, a break below the channel support of 1183.82, the pair could drop to the immediate support at 1179.97 (May 28 Low) levels and below that at 1175 (April 24 Low) levels.”
“In the day ahead, we have US factory orders data which expected to remain muted in May after a previous rise by 2.1% in April. However, the USD bulls may remain unaffected by this data and continue to weigh on XAU/USD. In case the data misses expectations by a big margin, the pair could rebound higher to 1190 levels and extend further for a retest of 10-DMA resistance located at 1196.”
Key Quotes
“…to the downside, a break below the channel support of 1183.82, the pair could drop to the immediate support at 1179.97 (May 28 Low) levels and below that at 1175 (April 24 Low) levels.”
“In the day ahead, we have US factory orders data which expected to remain muted in May after a previous rise by 2.1% in April. However, the USD bulls may remain unaffected by this data and continue to weigh on XAU/USD. In case the data misses expectations by a big margin, the pair could rebound higher to 1190 levels and extend further for a retest of 10-DMA resistance located at 1196.”