XAUUSD is now trading near $1310, after it could have higher footing this week above $1300 psychological level to keep its higher lows series on until now.
Gold could reach $1326.27 per ounce dropping $1325.91 resistance, after gaining higher upside momentum on breaking of above $1300 psychological level following stepping on $1276.65 per ounce.
The gold surpassed $1300 psychological level, following forming series of higher lows started with $1160.24 on last Aug. 16 and drove it above its daily SMA50, its daily SMA100 and its daily SMA200.
XAUUSD is trading now in its eleventh days in a row above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1302.
The daily chart of XAUUSD shows that its RSI-14 is now inside reading 60.434 coming down from its overbought area above 70.
XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is also having now its main line inside its neutral territory reading 24.268 to be closer to intersection with its signal line which is still higher in the same region at 24.976 above the oversold area below 20.
Important levels: Daily SMA50 @ $1275, Daily SMA100 @ $1245 and Daily SMA200 @ $1245
The Closest Experienced S&R:
S1: $1302.83
S2: $1276.65
S3: $1253.46
R1: $1326.27
R2: $1366.06
R3: $1375.20
Have a good day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din