Gold technical analysis: Off lows, bull RSI divergence on 1H

Gold's hourly chart is reporting a bullish indicator divergence.
A bounce to $1,457-$1,460 could be in the offing.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,455 per Oz, having hit a low of $1,451.50 an hour ago.

The recovery could be extended further, possibly to $1,457-$1,460, as the hourly chart is reporting a bullish divergence of the relative strength index and MACD histogram.

A bullish divergence occurs when the indicator creates higher lows, contradicting lower lows on price and is considered a sign of seller exhaustion.

Note that the overall outlook will remain bearish as long as the trendline connecting September and November highs is intact.

Also, the hourly chart bullish outlook would be invalidated if prices drop below $1,451.50.

Hourly chart

Trend: Minor bounce likely

Technical levels

XAU/USD

Overview
Today last price	1454.5
Today Daily Change	-0.48
Today Daily Change %	-0.03
Today daily open	1454.98

Trends
Daily SMA20	1476.85
Daily SMA50	1489.37
Daily SMA100	1482.95
Daily SMA200	1398.87

Levels
Previous Daily High	1462.58
Previous Daily Low	1454.1
Previous Weekly High	1478.86
Previous Weekly Low	1456.54
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1457.34
Daily Fibonacci 61.8%	1459.34
Daily Pivot Point S1	1451.86
Daily Pivot Point S2	1448.74
Daily Pivot Point S3	1443.37
Daily Pivot Point R1	1460.34
Daily Pivot Point R2	1465.71
Daily Pivot Point R3	1468.83

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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.