Gold peeps above 200-hour EMA as US dollar remains on the defensive

Gold has found acceptance above the 200-hour exponential moving average (EMA), possibly due to the weak tone in the US dollar.
The decline in the Asian stocks is likely adding to the bid tone around the yellow metal.
Bullish MA crossovers are calling for further gains.

Omkar Godbole FXStreet Contributor

Gold is looking north, having found acceptance above the 200-hour exponential moving average (EMA) of $1,213 earlier today.

As of writing, the yellow metal is trading at $1,215.

Gold's biggest nemesis - the dollar index - dipped below 97.00 in Asia, having charted a bearish RSI divergence earlier this week. Moreover, the better-than-expected retail sales figure released yesterday failed to lift the dollar. As a result, the American currency is looking vulnerable.

Further, Asian stocks are swinging between gains and losses. At press time, Japan's Nikkei is down 0.30 percent and Hong Kong's Hang Send is reporting 0.5 percent drop. Meanwhile, South Korea's Kospi and the Shanghai Composite are reporting marginal gains.

The lack of clear directional bias in the Asian equities could help the safe haven metal capitalize on the bullish break above the 200-hour EMA.

Meanwhile, technicals are also calling further gains. For instance, the 50-hour and 100-hour EMAs produced a bullish crossover a few minutes before press time and the hourly RSI is holding bullish above 50.00.

Gold Technical Levels

XAU/USD

Overview:
    Last Price: 1215.57
    Daily change: 2.4e+2 pips
    Daily change: 0.201%
    Daily Open: 1213.13
Trends:
    Daily SMA20: 1221.29
    Daily SMA50: 1213.93
    Daily SMA100: 1206.53
    Daily SMA200: 1240.11
Levels:
    Daily High: 1216.47
    Daily Low: 1207
    Weekly High: 1236.6
    Weekly Low: 1206.3
    Monthly High: 1243.43
    Monthly Low: 1182.54
    Daily Fibonacci 38.2%: 1212.85
    Daily Fibonacci 61.8%: 1210.62
    Daily Pivot Point S1: 1207.93
    Daily Pivot Point S2: 1202.73
    Daily Pivot Point S3: 1198.46
    Daily Pivot Point R1: 1217.4
    Daily Pivot Point R2: 1221.67
    Daily Pivot Point R3: 1226.87

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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