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.

EUR/USD clings to gains around 1.1800

EUR/USD manages to regain composure and retests the 1.1800 region in quite a positive start to the week. The pair’s bounce follows the US Dollar’s offered stance post-SCOTUS ruling ahead of important US data and Fedspeak on Tuesday.

GBP/USD treads water near 1.3500 as BoE-Fed divergence debate stalls

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range. The BoE's February hold came with a surprisingly dovish 5-4 split, and UK Consumer Price Index data last week showed inflation easing to 3.0%, reinforcing the case for earlier rate cuts, with most economists now looking to April or March for the next move.

Gold climbs above $5,200 on geopolitical tensions, trade uncertainty

Gold price jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions. Traders brace for the US January Producer Price Index report on Friday for fresh impetus.

Solana DeFi platform Step Finance to close operations following treasury hack

The Solana based decentralized finance platform Step Finance announced it will end all operations effective immediately following a breach that drained its treasury.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.