XAU/USD pair – Hourly Chart
Gold prices in terms of US dollar (XAU/USD) settled the week lower on Friday at 1294.11, unable to sustain gains above 1300 levels. A weekly closing above 1300 levels is crucial for the pair to test 1322-1340 levels on the upside. However, the pair remains underpinned on increased safe-haven bids amid tumbling Euro and commodity prices. On the hourly chart, XAU/USD seems to have a strong support at 1290 levels and now trades at 1294 levels. The XAU/USD is on its way to the test 1290 levels which may be also seen from the bearish hourly RSI at 48. The pair may bounce-off these levels and push higher to test stiff resistance at 1299 levels. A triangle break out on the upside (above 1299), the pair may jump to retest 1306 levels. A break down at 1290 levels may drown the pair down to 1285 levels.
XAU/EUR pair – Hourly Chart
Gold prices in terms of Euro (XAU/EUR) reached fresh two-year high at 1167.81 levels and finished higher on Friday at 1154.47 levels. The XAU/EUR pair jumped to fresh two-year highs as the Euro tumbled to fresh 12-yr lows after Syriza, anti-austerity party won the Greece parliamentary elections which sparked fresh concerns over Greek’s exit form Euro zone. Currently, the pair retreated from previous highs and trades lower on profit booking after the recent rally. On the hourly chart, the pair is seen struggling around 1157-1158 levels and is expected to test the hourly 20-DMA at 1155.23 levels. Moreover, hourly RSI at 57.22 turned lower which supports the downside in XAU/EUR. The pair may rebound from these levels and climb higher to retest 1168 levels. However, a break below the trend line support at 1155 levels, selling pressure may intensify and the pair may drop to test the next major support at 1147 levels.
XAU/JPY pair – Hourly Chart
Gold prices in terms of Japanese yen (XAU/JPY) ended lower on Friday at 152,349 levels as the yen strengthened against the greenback. Currently, the pair trades at 152,222, gains remain capped by the 5-DMA located at 152,900 levels on the daily chart. On the hourly chart, the pair seems to bounce-off from 152,000 levels and may edge higher to retest 152,320 levels where the hourly 5-DMA and hourly 10-DMA converge. The hourly RSI at 42.73 levels turning slightly higher also backs the case for an upside in the making. However, a fresh sell-off may trigger in case of a breach of 152,000 levels, which may drag the pair lower to test the immediate support at 151,500 levels.
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