XAU/USD Outlook: Gold recovers as dollar bulls take breather; 10SMA would be a trigger

GOLD

Spot gold holds positive tone for the second day as week-long dollar's rally is losing traction and may take a breather on overbought conditions.
Recovery extension hit high at $1315, retracing 50% of $1326/$1302 pullback and signaling formation of higher low at $1302 (07 Feb low).
Fresh strength looks for confirmation on daily close above cracked 10SMA ($1312), to ease downside risk and shift focus higher.
Break above 10SMA would bring daily MA's to full bullish setup and add to positive signals from strengthening bullish momentum and north-heading stochastic, which reversed higher after rejection at oversold zone border.

Res: 1315; 1317; 1320; 1326
Sup: 1307; 1302; 1300; 1295

Gold

 

Interested in XAUUSD technicals? Check out the key levels

    1. R3 1322.8
    2. R2 1317.4
    3. R1 1313.6
  1. PP 1308.2
    1. S1 1304.4
    2. S2 1299
    3. S3 1295.2

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