XAU/USD pair – Hourly Chart
Gold prices in terms of US dollar (XAU/USD) hit a fresh five month high at 1305.19 levels, breaking above the crucial USD 1300 mark. However, the pair failed to sustain above 1300 levels and retreated to end at 1291.82 levels on Wednesday. On the hourly chart, XAU/USD is seen trading in a very tight range, sitting at a strong support of hourly 5-DMA, hourly 10-DMA and hourly 50-DMA located at 1292.25 levels. The XAU bears are likely to be in full control as the bearish hourly RSI is inching lower at 48 levels. The pair is expected to fall further to test 5-DMA on daily charts placed at 1286.34 levels in case of a break below 1292.25 levels. Overall, the pair may remains pressured with limited upside. The major resistance is likely to be 1295.77 levels. A break above this level, the pair may once again test the USD 1300 threshold.
XAU/EUR pair – Hourly Chart
Gold prices in terms of Euro (XAU/EUR) finished lower on Wednesday at 1112.21 levels. The XAU/EUR pair reversed previous losses and edged slightly higher today as the Euro remains subdued ahead of the ECB Meeting later today. The pair finds good support at 5-DMA on daily charts located at 1109.69 levels. On the hourly charts, the pair is trading in a sea-saw range with a flat bearish RSI at 45. The price-RSI divergence makes for a bullish case for the pair and hence the pair may retest 1116 levels where the hourly 20-DMA and hourly 50-DMA converge. A break above these levels, the pair may climb higher to 1124 levels. XAU bulls may vanish if the pair breaks below the support levels of 1109.69 on daily charts to further test hourly 100-DMA located at 1106.68 levels.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) ended lower on Wednesday at 152,237 levels as the Japanese yen strengthened versus the US dollar after Bank of Japan’s new measures. Currently, the pair trades at 152,796, retreating from day’s high previously posted at 152,968 levels. On the daily chart, the pair seems to be well supported by the 5-DMA located at 151,726 levels. The pair is expected to remain elevated and may head higher to test 153,485 (Jan 21 High) levels if it breaks above 152,968 (Today’s High). The bullish daily RSI at 72.45 levels also backs the case for an uptrend. A fresh sell-off may trigger in case of a breach of 5-DMA, which may push the pair to test 151,072 (Jan 21 Low) levels.
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