Since
the early trading hours today Gold was seen flirting with 1150 handle. Later on
retreated to lower levels and reached intraday low at 1144.33.The
thin trading volumes due to the holidays, the lack of significant economic
releases this week and the US dollar’s strength uncertainty are ruling the
yellow metal’s direction. It seems now that the greenback is feeling weak and
gold took immediate advantage with the beginning of US session.
The precious metal skyrocketed and hit intraday high at 1159.50. This level has
not been visited since 14th December – when was held the latest FOMC meeting.
With marking a two week high and gaining something around $22 for the past week,
Gold is posting excellent weekly achievement even the best for the last
quarter.
Currently the price slightly stepped back and is trading now at 1154.90.
The hourly chart is showing that XAU/USD surpassed the 20-day EMA and is moving
to the upside.
RSI has modestly recovered from extreme overbought conditions. Stochastic is
also placed within overbought area, but loosing strength.
1150.00 remains key area and if closing above, might provoke bulls to fight for
1160.00 handle, where is lying important resistance. 1150.00 turned from
resistance to support now, and looking to the downside next support is seen at
1140.00
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