XAU/USD pair – Daily Chart
Gold prices in terms of US dollar (XAU/USD) plunged to two-week lows and ended lower at 1260.50 levels on Thursday as traders weighed the Fed’s rate-hike outlook. The pair plunged fresh to two-week lows at the 200-DMA located at 1152 levels yesterday. The pair seems to have bounce-off from lows and trades higher at 1261 levels, having found good support at 20-DMA located at 1256.72 levels. The daily RSI at 54.15 levels stands flattish suggesting a break more likely on the upside. Currently, the pair is seen consolidating around 1261 levels. The XAU bulls are expected to take charge and may push the pair higher to test 5-DMA located at 1275 levels. However, a failure to sustain above the 20-DMA, selling pressure may intensify dragging the pair lower to retest 200-DMA levels.
XAU/EUR pair – Daily Chart
Gold prices in terms of Euro (XAU/EUR) broke the consolidation channel and finished lower at 1112.12 levels on Thursday as the Euro stood resilient despite the strengthening greenback. On the daily chart, the pair now trades at 1111.80 levels, having found good support at 1106-1107 zone. The pair seems to be in an accumulation phase as traders await crucial US economic releases for further direction on the single currency. The pair faces stiff resistance at 1226 levels where the 5-DMA and 10-DMA converge. Overall, the pair remains exposed to downside risk and may inch lower to test 20-DMA located at 1085 levels, if the pair breaches the previous low of 1107.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) extended its losing streak and ended lower on Thursday at 149,088 levels on the back of strengthening Japanese yen. Currently, the pair trades at 148,536 levels and has breached the 20-DMA located at 148,490 levels. The daily RSI has also turned lower at 52, suggesting a retest of previous session low of 148,234. A break below that level, bears are expected to take full control and a fresh sell-off may trigger drowning the pair lower to test 146,000 levels. However, the pair may rebound to retest daily highs at 149,130 levels in case of a failed attempt to breach previous low.
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