XAU/USD pair – Daily Charts
Gold prices in terms of US dollar (XAU/USD) broke above the crucial 100-DMA and reached a five day high at 1220 levels before ending at 1210.18 on Thursday. Gold traded higher all through the day, however gave back gains after above-estimates US macro data bolstered the case for rate-hike sooner than anticipated, boosting USD bulls. Currently, XAU/USD clings on to the 10-DMA located at 1209.92 levels, with a day’s high of 1211.63 and day’s low of 1209.09 levels. The pair is set to retest 100-DMA placed at 1216 levels and beyond that 20-DMA located at 1227.66 levels. However, the strength in the pair remains uncertain indicated by a flattish daily RSI standing at 41.22 levels. A failure to breach 100-DMA, the pair may once again bounce-off from that level and test 5-DMA located 1206.80 levels below daily lows. XAU/USD remains supported so long as it hold above crucial 1200 levels.
XAU/EUR pair – Daily Chart
Gold prices in terms of Euro (XAU/EUR) finished near fresh weekly highs on Thursday at 1080.23 levels, finally breaking from the consolidation phase above 10-DMA, after the Euro fell to nearly one month lows against the US dollar on upbeat US economic data. At the moment, XAU/EUR trades near lows at 1078.76 levels, bouncing off stiff resistance at 20-DMA located at 1081.52. With the daily RSI at 51.33 ticked downwards, once again heading towards bearish zone, the pair may seem to fall back to test strong support around 1068 levels. Convergence of 5-DMA and 10-DMA at 1068 levels forms a strong support zone for the pair. A break below that level, the pair may retest 50-DMA placed at 1062 levels. To the upside, the pair may retest previous highs beyond 20-DMA barrier. In the day ahead, the trade is likely to trade cautious ahead a deluge of crucial economic releases from the Euro area and the US. XAU/EUR may remain pressured until 20-DMA resistance is breached.
XAU/JPY pair – Daily Chart
Gold prices in terms of Japanese yen (XAU/JPY) closed higher on Thursday at 144,473 levels, breaking above 145k levels as a weaker yen pushed the pair higher. The pair now trades higher at 144,079 levels, clinging on to the 144k threshold and remains supported above 10-DMA located at 143,914 levels. However, the upside in the pair seems limited given the bearish RSI turned lower at 42 levels. A break below 10-DMA the pair may fall to test 143,619 levels. In case of a failure to breach 10-DMA on the downside, the pair rebound sharply to test previous highs above 145k and beyond that to test 20-DMA located at 144,700 levels. Overall, a general intraday downside bias persists as the trade may fail to sustain above 10-DMA.
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