Gold Analysis: Gathering pace for further upside, May high near $ 1230 in focus

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    As expected, XAU/USD (gold price in terms of USD) did run up to retest 1200 levels on late-Wednesday after Fed Chair Yellen wrapped her testimony before the Congress. The prices rose as high as 1198.64, bouncing-off knee-jerk downward spike t0 1181.42 daily lows, where the 5-DMA intersected. As Yellen’s testimony got underway, the greenback jumped higher on her optimistic remarks on the US economy, while she kept her gradual rate hike stance intact. The bullion dropped sharply to 1181.42 lows

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