The XAUUSD on the hourly time frame has been following an uptrend recently. The price broke above the $1300 mark on 13 March registering 2-week high of 1305.874 after Brexit woes raised uncertainty in the market. Recent dollar weakness is another reason for bullish momentum in the Gold. Price on the hourly chart is well above the 200-period moving average and after breaking the psychological level of $1300, the Gold is looking strong to move higher.
The hourly chart of the XAUUSD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms. The lowest value of the period under study was recorded on 7 March when the price registered the low of 1281.12
Bullish sentiment remains intact above the $1300 level.
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the XAUUSD. RSI (Relative Strength Index) showing values above 50 which supports bullish sentiment in the market.
In alternative scenario, key support level lies at $1300, the price needs to hold this level otherwise bears can push the price lower to second support level of 1281.12
The hourly chart of the XAUUSD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms. The lowest value of the period under study was recorded on 7 March when the price registered the low of 1281.12
Bullish sentiment remains intact above the $1300 level.
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the XAUUSD. RSI (Relative Strength Index) showing values above 50 which supports bullish sentiment in the market.
In alternative scenario, key support level lies at $1300, the price needs to hold this level otherwise bears can push the price lower to second support level of 1281.12