The risk-off sentiment could add attractiveness to the gold today to surpass $1112.75 which has been its highest reached level since last Nov. 4.
The gold which is boosted too by the odds of delaying the next Fed's tightening step is now well above its daily SMA100.
The demand for safe haven could drive the gold up previously in the beginning week of the year to reach $1112.75 but it failed to maintain a place above its daily SMA100 to retreat to $1071.22 which supported the gold again keeping the existence above its daily SMA50 and also above its daily Parabolic SAR (step 0.02, maximum 0.2) for 17 consecutive days reading today $1087.65.
XAUUSD daily RSI-14 is referring now to existence in its neutral area reading now 62.072, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line barely in the overbought area above 80 reading now 80.619 and leading to the upside its signal line which is reading now 75.037.
Important levels: Daily SMA50 @ $1077.62, Daily SMA100 @ $1105.57 and Daily SMA200 @ $1132.61
S&R:
S1: $1071.22
S2: $1057.98
S3: $1046.08
R1: $1123
R2: $1138.05
R3: $1149.84
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
The gold which is boosted too by the odds of delaying the next Fed's tightening step is now well above its daily SMA100.
The demand for safe haven could drive the gold up previously in the beginning week of the year to reach $1112.75 but it failed to maintain a place above its daily SMA100 to retreat to $1071.22 which supported the gold again keeping the existence above its daily SMA50 and also above its daily Parabolic SAR (step 0.02, maximum 0.2) for 17 consecutive days reading today $1087.65.
XAUUSD daily RSI-14 is referring now to existence in its neutral area reading now 62.072, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line barely in the overbought area above 80 reading now 80.619 and leading to the upside its signal line which is reading now 75.037.
Important levels: Daily SMA50 @ $1077.62, Daily SMA100 @ $1105.57 and Daily SMA200 @ $1132.61
S&R:
S1: $1071.22
S2: $1057.98
S3: $1046.08
R1: $1123
R2: $1138.05
R3: $1149.84
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
The gold is finally well above its daily SMA100
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