XAU/USD pair – Hourly Chart
Gold prices in terms of US dollar (XAU/USD) was lifted on Tuesday by a series of weak US economic data and ended higher at 1293.40 levels, retracting from intraday high posted at 1297.64. Currently, the pair is seen trading subdued in a tight range at 1289 levels as traders brace for the US FOMC Statement later today. On the hourly chart, a cup and handle pattern is formed which clearly indicates an upside in the making. However, the pair may drop to hourly 50-DMA located at 1286 levels before bouncing off to test hourly 10-DMA placed at 1292 levels. A break above these levels may cause the XAU bulls to take full control to retest 1300 levels. An upward inching RSI at 62 levels also indicates bullish trend to continue. The XAU/USD pair is likely to remain elevated as long as it hold above the hourly 200-DMA located at 1285.85 levels.
XAU/EUR pair – Hourly Chart
Gold prices in terms of Euro (XAU/EUR) ended flat at 1137.70 levels on Tuesday, forming a doji in the daily chart as traders look for fresh direction ahead of the Fed meeting. Meanwhile on the hourly chart, the pair is seen consolidating between 1136-1139 levels with the hourly RSI flat at 50.51 levels. This clearly indicates that the pair is in search for fresh incentives amid lack of significant macro data releases in day ahead. The pair faces stiff resistance at hourly 50-DMA located at 1138.81 levels. A break above the hourly 50-DMA may take pair higher to retest 1150 levels. However, in case of a breach of 1136 levels, the pair may drown lower to 1129 levels. Overall, the pair is expected to remain lifted backed by a weaker Euro.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) ended higher on Tuesday at 152,339 levels as the yen continued its choppy trend versus the greenback. Currently, the pair is heading higher at 152,402 levels, having previously posted day’s low at 152,104 and day’s high at 152,590. On the daily chart, the pair finds immediate major resistance at 5-DMA located at 152,633 levels. The pair is likely to break this upside barrier and climb higher to retest 153,000 levels. The daily RSI at 65.60 also supports the case for a possible break through on the higher side. A failure to breach the 5-DMA, the pair may bounce-off to test the 10-DMA located at 151,582 levels.
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