XAU/USD pair – Daily Chart
Gold prices in terms of US dollar (XAU/USD) dropped for the second straight session and ended lower on Monday at 1279.94 levels. On the daily chart, the pair has broken below the 10-DMA located at 1278.50 and remains exposed to further downside risk as risk-on sentiments re-emerged. The pair may fall further to 1267 levels if it breaches day’s low at 1271.97 levels. The daily RSI has also turned lower at 63.69 which is in sync with the lower gold prices in USD. The XAU bulls may take total control if the pair fails to break daily lows and rebound to retest 5-DMA placed at 1288 levels. Overall, the outlook for the day looks bearish as USD bulls are likely to be in-charge ahead of US Fed Policy Meeting on Wednesday.
XAU/EUR pair – Hourly Chart
Gold prices in terms of Euro (XAU/EUR) gave away previous session’s gains and finished lower on Monday at 1137.72 levels. The XAU/EUR pair retraced from fresh two-year highs after the Euro regained strength versus the US dollar on the back of a short-covering rally. Currently, the pair is sitting at a major support of hourly 100-DMA located at 1135.94 levels on the hourly chart. The pair is on its way to breach these levels as the bearish hourly RSI at 41.71 points to further downside. A break below 1135.94 levels may trigger a fresh sell-off resulting in the pair to retest previous lows at 1131 levels. However, XAU bulls may storm their way higher to test 1141 barrier, in case of a failure to break the hourly 100-DMA crucial support.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) ended lower on Monday at 151,707 levels as the yen strengthened against the greenback. Currently, the pair extends losses for the third day in a row and trades at 151,237 levels, having previously posted day’s low at 150,846. On the daily chart, the pair finds immediate major support of 10-DMA located at 150,666 in case of a breach of daily lows. The daily RSI at 62.39 has turned lower, indicating the pair may retest 150,846 levels. The pair is likely to make new lows at 150,600 levels and may rebound to retest 151,830 levels on the upside. The pair is expected to trade in range today ahead of host of crucial Japanese macro-data which may provide fresh incentives for XAU/JPY.
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