Following another failure to rise above $1520 per ounce, XAUUSD come under increasing downside pressure drove it again down below $1500 psychological reaching 1479.66, before residing for trading currently near $1485.
XAUUSD yesterday increasing downside momentum drove it to be now in its second day below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1517, following upside down reversing yesterday on reaching 1479.66 per ounce.
XAUUSD lost again its existence above its daily SMA50, but it is still underpinned over longer range by continued trading above its daily SMA100 which has become at the nearest place to the trading rate since last May. 31 crossover.
The daily chart of XAUUSD shows that its RSI-14 is now at a lower place inside its neutral area reading 45.329.
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 36.438 leading to the downside its signal line which is higher reading in the same region 61.572, after negative crossover inside the same area.
Important levels: Daily SMA50 @ $1481, Daily SMA100 @ $1409 and Daily SMA200 @ $1351
The Closest Experienced S&R:
S1: $1473.97
S2: $1458.93
S3: $1399.40
R1: $1519.54
R2: $1535.72
R3: $1556.83
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din