XAU/USD pair – Daily Chart
Gold prices in terms of US dollar (XAU/USD) bounced-off lows and ended modestly flat on Monday at 1203.19, breaching 1200 levels for yet another time, reaching daily lows at 1190.95 levels. The pair trades now at 1202.48, supported above the crucial trend line support at 1200 levels. The pair formed a doji candle on daily charts in the previous session which indicates indecisiveness between bulls and the bears. Moreover, the bearish RSI at 37 levels has turned flattish suggesting lack of clear direction for the pair. The pair may trade cautious ahead of Fed Chairperson Yellen’s testimony later in the day which may provide fresh cues on the timing of the US interest rate hike. Moreover, the pair is likely to continue its bearish tone as any hawkish comment from Yellen may open doors for a retest of previous lows at 1190.95 and further below that at 1182 levels. In case of dovish surprise, the pair may break above the stiff resistance at 5-DMA located at 1205.92 levels and climb higher to retest next barrier at 100-DMA placed at 1216.38 levels.
XAU/EUR pair – Daily Chart
Gold prices in terms of Euro (XAU/EUR) finished slightly higher on Monday at 1061.19 levels, closing above the 50-DMA located at 1053.89 levels, bouncing-off a brief dip below that level. At the moment, XAU/EUR extends its accumulation phase and remains stuck between the 10-DMA (1068.32 levels) and 50-DMA (1055.97 levels). Hence, a break on either side may be expected, indicated by the daily RSI flattish at 44.36 levels. To the downside, the pair may retest 50-DMA located at 1055.97 levels. A break below that level, XAU bears may take over knocking off the pair to retest previous lows at 1049.61 and below that at 1042 levels. To the upside, the pair may retest 10-DMA and beyond that XAU bulls may take total control pushing the pair higher to 1075 levels. Overall, a general intraday upside bias is likely to persist as the shared currency is expected to remain pressured as Greece is still due to deliver its list of reforms confirming the extension deal reached between the embattled country and Euro group finance ministers on Friday.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) snapped losses and closed higher on Monday at 143,074 levels, rebounding from day’s low posted at 142,036 levels. The pair now trades near highs at 143,288 levels and remains capped by 5-DMA located at 143,442. A bearish RSI at 36.61 further has turned higher suggesting an upside in the making for XAU/JPY as the yen is expected to remain weaker across the board, boosting XAU bulls. A break above 5-DMA, the pair may test strong channel resistance at 144k levels. A break above the crucial 144k levels, the pair may further test 10-DMA located at 144,552 levels. A failure to breach 5-DMA, the pair may bounce-off to test daily lows at 142,862 levels. A fresh sell-off may be triggered below that level, drowning the pair to retest 142k levels. An overall intraday upside bias holds as long as the pair sustains above 142k levels.
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