XAU/USD pair – Daily Chart
Gold prices in terms of US dollar (XAU/USD) gave away previous gains and ended lower on Wednesday at 1284.82 levels, as the US dollar regained strength after the FOMC statement revealed that Fed remains on track to hike interest rate this year. Currently, the pair is seen trading subdued at 1282 levels, swinging between gains and losses as the US dollar took a breather in its rally. On the daily chart, the pair seems to have bounce-off from day’s lows of 1278.11 and now trades at 1283 levels. The pair is likely to test 1287 levels where the 5-DMA and 10-DMA converge. A break above the moving averages may push the pair higher to test previous highs at 1293.63 levels. However, the XAU bulls may find it difficult to break through 1287 levels as the RSI has inched lower at 62.80 levels. The bears may take control and drag the pair lower to retest daily lows. A break below 1278 levels, the pair is likely to drop to the next support located at 1272 levels. Overall, the outlook remains slight bearish as USD bulls are likely to hold the front seat today.
XAU/EUR pair – Daily Chart
Gold prices in terms of Euro (XAU/EUR) extended its consolidation and ended almost flat at 1138.60 levels on Wednesday. On the daily chart, the pair seems to have formed doji for the third day in a row and is seen locked in a tight range of 1137.70-1142 levels with the daily RSI flattish at 75 levels. This clearly indicates that the pair remains cautious ahead of the crucial German CPI number for fresh incentives for XAU/EUR. The upside in the pair seems restricted by the 5-DMA located at 1141.24 levels. A break above these levels may take the pair higher to retest 1150 levels. However, in case of a breach of 1137 levels, the pair may sink lower to test 10-DMA located at 1128.78 levels.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) ended lower on Wednesday at 151,074 levels as the erasing previous session gains. Currently, the pair has formed a doji on the daily chart and is seen trading at 151,169 levels, having previously posted day’s low at 150,460 and day’s high at 151,540. On the daily chart, the pair may search for fresh direction as the RSI has also turned flat at 61 levels. The pair may extend the downtrend as it posts lower lows on the daily charts. However, XAU/JPY may bounce-off from current levels and retest daily highs as it seems to have found good support at 150,150 levels. Selling pressure may intensify below 150,150 which may drag the pair lower to test the next support located at 149,250 levels.
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