XAUUSD retreated for trading now near $1325 per ounce, After forming lower high last Friday at $1361.70 below its formed peak on last Jan. 25 at $1366.06.
XAUUSD maintained existence above $1300 psychological level by forming a bottom between these 2 highs at $1307.05 on Feb. 8
The rebound from that bottom helped XAUUSD to be trading now in its sixth day of being above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1318.75.
Despite easing down to the current level, XAUUSD is still keeping existence above its daily SMA50, its daily SMA100 and its daily SMA200.
XAUUSD daily RSI-14 is referring now to existence in a lower place inside its neutral area reading 48.040.
XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its neutral territory at 33.557 leading to the downside its signal line which is higher in the same territory at 54.079, after topping inside the its overbought region above 80.
Important levels: Daily SMA50 @ $1316, Daily SMA100 @ $1297 and Daily SMA200 @ $1284
The nearest S&R:
S1: $1307.05
S2: $1250.49
S3: $1236.51
R1: $1361.70
R2: $1366.06
R3: $1375.20
Have a good day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din