According to FXStreet Editor and Analyst, Dhwani Mehta, XAU/USD bulls might lead the pair higher if it sustains above 1270, expecting a break above 1272.20 to pave way for 1276.35.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) rebounded and closed on Wednesday at higher levels at 1272.47, despite stronger USD on bullish US services PMI report. The pair is likely to remain elevated today above as it sit comfortably above 20-DMA located at 1269.89 levels on the daily charts.”
“Currently, the pair trades at 1271.66 levels, holding firmly above strong support at 1270 levels where the hourly 10-DMA and hourly 100-DMA converge.”
“The pair is likely to test hourly 20-DMA and 50-DMA crossovers at 1268 levels, if it breaches 1270.”
“XAU bulls may take charge in case of a failure to break below that level and are likely to push the pair higher to test immediate resistance at hourly 5-DMA at 1272.20 levels and further ahead to test hourly 200-DMA located at 1276.35 levels.”
“A slight uptick in the hourly RSI which stands at 58.44 also indicates a bullish bias.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) rebounded and closed on Wednesday at higher levels at 1272.47, despite stronger USD on bullish US services PMI report. The pair is likely to remain elevated today above as it sit comfortably above 20-DMA located at 1269.89 levels on the daily charts.”
“Currently, the pair trades at 1271.66 levels, holding firmly above strong support at 1270 levels where the hourly 10-DMA and hourly 100-DMA converge.”
“The pair is likely to test hourly 20-DMA and 50-DMA crossovers at 1268 levels, if it breaches 1270.”
“XAU bulls may take charge in case of a failure to break below that level and are likely to push the pair higher to test immediate resistance at hourly 5-DMA at 1272.20 levels and further ahead to test hourly 200-DMA located at 1276.35 levels.”
“A slight uptick in the hourly RSI which stands at 58.44 also indicates a bullish bias.”
