XAU/USD Analysis: Bullish bias above 10SMA for renewed attempt at $1300

Slobodan Drvenica Windsor Brokers

GOLD

Spot gold regained traction and moved higher in early Friday’s trading, as the dollar slipped on rising expectations that the Fed would pause its rate hike cycle this year.
The yellow metal remains congested between $1298 and $1276 for the second week after larger uptrend ran out of steam on approach to psychological $1300 barrier.
Consolidation was so far held by rising 10SMA which helped to keep overall bullish structure intact.
Friday’s close above 10SMA would add to positive outlook for renewed attack at $1300 barrier, break of which would unmask targets at $1309/16 (14 June lower high / Fibo 76.4% of $1365/$1160 fall).
Conversely, initial negative signal could be expected on close below 10SMA which would signal deeper correction and expose rising 10SMA ($1270).

Res: 1295; 1298; 1300; 1309
Sup: 1286; 1276; 1273; 1270

Interested in Gold technicals? Check out the key levels

1. R3 1304.45
2. R2 1300.8
3. R1 1293.55
PP 1289.9
1. S1 1282.65
2. S2 1279
3. S3 1271.75

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD loses ground below 1.1850 ahead of FOMC Minutes

The EUR/USD pair loses traction near 1.1840 during the early European session on Wednesday, pressured by renewed US Dollar demand. Traders brace for the Federal Open Market Committee Minutes for signals on future rate cuts, which will be released later on Wednesday.

When is the UK CPI data and how could it affect GBP/USD?

The United Kingdom Consumer Price Index data for January is scheduled to be published today at 07:00 GMT. GBP/USD trades slightly lower at around 1.3556 as of writing. The 20-period Exponential Moving Average trends lower at 1.3593 and continues to cap rebounds. Price holds beneath this gauge, maintaining a short-term bearish bias.

Gold: Is the $5,000 level back in sight?

Gold snaps a two-day downtrend, as recovery gathers traction toward $5,000 on Wednesday. The US Dollar recovers from the overnight sell-off as rebalancing trades resume ahead of Fed Minutes. The 38.2% Fib support holds on the daily chart for now. What does that mean for Gold?

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.