XAUUSD Analysis: Breaks out of triangle

Dukascopy Bank Team Dukascopy Bank SA

XAUUSD

XAU/USD has been moving in a symmetrical triangle during the past few sessions. A bullish breakout from this short-term pattern was halted by the 200-hour and 55-period (4H) SMAs and the 61.80% Fibonacci retracement at 1,216.00.

No significant changes to the pair's direction occurred on Thursday, as the yellow metal was trading in between the 55-, 100– and 200-hour SMAs. This lack of direction changed swiftly early today when Gold lost 0.36% against the US Dollar and returned to re-test a July 2017 low of 1,207.00. This move pushed the rate out of the aforementioned triangle.

It is likely that this bearish move continues in this session, as well. The nearest support is the relatively distant senior channel and the monthly S1 circa 1,200.00.

Interested in XAUUSD technicals? Check out the key levels

1. R3 1223.01
2. R2 1220.16
3. R1 1216.2
PP 1213.35
1. S1 1209.39
2. S2 1206.54
3. S3 1202.58

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.