XAUUSD could be underpinned to extend its rebound from last Tuesday low at $1236.51 per ounce to touch now its 200 SMA hours average at $1258 per ounce.
However The Gold is still depressed by continued trading below its daily SMA50, its daily SMA100 and its daily SMA200 and The Gold is still exposed to forming a lower high below these important averages.
The Gold has accelerated its slide following failing to get back above $1300 psychological level on last Nov. 27 to cause breaking of its formed base on last Oct. 6 at $1260.60 in another dovish sign.
XAUUSD is now trading in its 12th consecutive day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1267.
XAUUSD daily RSI-14 is referring now to higher existence inside its neutral area reading 43.560.
XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in its neutral territory at 58.890 leading to the upside its signal line which is in the same area at 33.467, after bottoming out inside the oversold area below 20.
Important levels: Daily SMA50 @ $1277, Daily SMA100 @ $1286 and Daily SMA200 @ $1267
S&R:
S1: $1236.51
S2: $1204.74
S3: $1194.96
R1: $1289.22
R2: $1299.22
R3: $1306.03
Have a good day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din