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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD hovers near 1.0700 ahead of US data
EUR/USD struggles to build on Wednesday's gains and fluctuates in a tight channel near 1.0700 on Thursday. The US Dollar holds its ground following the Fed-inspired decline as market focus shifts to mid-tier US data releases.
GBP/USD holds steady above 1.2500 following Wednesday's rebound
GBP/USD stays in a consolidation phase slightly above 1.2500 on Thursday after closing in the green on Wednesday. A mixed market mood caps the GBP/USD upside ahead of Unit Labor Costs and Jobless Claims data from the US.
Gold retreats to $2,300 despite falling US yields
Gold stays under bearish pressure and trades deep in negative territory at around $2,300 on Thursday. The benchmark 10-year US Treasury bond edges lower following the Fed's policy decisions but XAU/USD struggles to find a foothold.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.