XAUUSD could extend its rebounding which started last Friday from $1700 area to reach to $1733.99 per ounce in the beginning hours of this week.
But it lost momentum again to be trading currently near $1725 per ounce without surpassing last week peak at $1739.77.
But reaching this peak drove Parabolic SAR (step 0.02, maximum 0.2) upside down and XAUUSD is trading now in its fourth consecutive day above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1682.60.
The Gold is still well below its daily SMA50, its daily SMA100 and also its daily SMA200 since forming another lower high at $1855.30 on last Feb. 10.
The daily chart of XAUUSD shows that its RSI-14 is still at inside its neutral area reading 39.231.
XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its neutral territory reading 74.008, leading to the downside its signal line which is now higher inside the neutral area reading 77.546, after negative crossover inside this neutral area, following spiking up inside its overbought territory above 80.
Important levels: Daily SMA50 @ $1807, Daily SMA100 @ $1837 and Daily SMA200 @ $1858
Experienced S&R:
- S1: $1670.52
- S2: $1566.42
- S3: $1451.11
- R1: $1739.77
- R2: $1815.90
- R3: $1855.30
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din