After forming a floor at $1266.31 per ounce followed by a bottom at $1275.04, XAUUSD could accelerate its upside momentum to surpass $1300 psychological level before reaching $1315 in the beginning of today European session.
The gold could have a better view after overtaking its previous formed lower high at $1310.59 which came below Last Mar. 25 high at $1324.52 which is now foming the next resistance below last Feb formed peak at $1346.73.
After this rebounding extension to $ 1315, XAUUSD is having now higher existence above its daily SMA50, its daily SMA100 and its daily SMA200.
XAUUSD is trading now in its second day above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1270.
The daily chart of XAUUSD shows that its RSI-14 is now in higher place inside the neutral region reading 68.219 in a closer place to its oversold area above 70.
XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its overbought territory above 80 reading 95.488 leading to the upside its signal line which is lower in the same region at 80.183, after positive crossover just below its overbought area above 80.
Important levels: Daily SMA50 @ $1287, Daily SMA100 @ $1296 and Daily SMA200 @ $1260
The Closest Experienced S&R:
S1: $1275.04
S2: $1266.31
S3: $1253.46
R1: $1324.52
R2: $1346.73
R3: $1366.06
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din