XAU/USD pair – Hourly Chart
Below estimates US economic releases in the US last session did lift gold prices from daily lows, but eventually closed in red on Monday at 1274.66 levels. Currently, the pair trades at 1276.86 levels, having broken above the strong resistance of the hourly 5-DMA, 10-DMA, 20-DMA and 50-DMA crossover. The pair has also broken above the hourly 100-DMA located at 1275.86 levels and seems to head higher. The bullish hourly RSI at 54 levels suggests the upside in making. To the upside, the pair may pull higher to 1282 levels if it holds above the hourly 100-DMA located at 1275.86. To the downside, the pair finds strong support at 1272 levels. The pair may test 20-DMA on daily chart located at 1264 levels if the pair breaks below 1272 support.
XAU/EUR pair – Daily Chart
Gold prices in terms of Euro (XAU/EUR) made lower highs and finished at 1124.14 levels on Monday as the Euro continues to consolidate below 1.14 handle. On the daily chart, the pair has pulled off from daily lows recorded at 1120 levels and trades higher above the immediate support seen at 1124 levels. The gains remained capped by the 5-DMA located at 1127.42 levels. The pair is likely to bounce off from current levels and may test 10-DMA placed at 1132 in case it breaches 1127.42 levels. The bullish daily RSI at 64 levels has turned flat indicating indecisiveness over XAU bulls and bears. Selling pressure may intensify below 1124 levels, knocking the pair off to test 1111 levels. Overall the pair is likely to trade in a range locked between 1107 - 1140 zone, so long as the euro extends its accumulation phase.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) formed a doji and ended almost flat Monday at 149, 893 levels as dismal US data pushed the yen higher. Currently, the pair trades at 149,329 levels. The upside remains capped by the 5-DMA located at 150,021 levels. A break above 5-DMA, the pair may retest previous highs at 150,834 levels. However, the daily RSI has turned slightly lower at 53 levels, suggesting that the pair may drop once again to retest 20-DMA located at 149,164 levels. XAU/JPY may further fall to test 148,234 levels if it breaches 20-DMA.
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