XAU/JPY trades close to fresh 21-Month high at 151,214
XAU/USD pair – Hourly Chart
Gold prices in terms of US dollar (XAU/USD)
retreated from fresh four month highs and ended lower on Monday at
1275.61 levels amid low volatility and thin trading as US markets were
closed in observance of Martin Luther King Day. On the hourly chart, the
pair is seen trading flattish today, struggling around 1275-1277
levels. The pair is expected to edge lower to test hourly 50-DMA
located at 1272.72 levels as it has breached a major support at 1276.20
levels, where the hourly 5-DMA, hourly 10-DMA and hourly 20-DMA
converges. The hourly RSI at 53.98 levels has also turned lower
supporting the downside bias in the pair. The pair is expected to
bounce-off from 1272.72 levels as the upbeat Chinese GDP numbers support
the case for XAU bulls to return and may test 1279.20 (Jan 19 High).
A break below hourly 50-DMA, selling pressure may intensify and the
bears may drag the pair lower to test 5-DMA on daily chart located at
1265.07 levels.
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