XAU/USD pair – Hourly Chart

XAUUSD
Gold prices in terms of US dollar (XAU/USD) reached fresh five month highs on Tuesday at 1297.12 levels, and ended the day on a stronger note at 1291.62 levels. The pair now trades higher at 1295.57 levels. On the hourly chart, the pair is trading above the hourly 5-DMA and hourly 10-DMA located at 1294 levels, having found strong support there. The pair finds the next major support at hourly 20-DMA located at 1292.47. A break below these levels may knock the pair down to test 1285 levels. XAU/USD is expected to rebound from current levels and retest 1297.52 (Jan 20 High). The XAU bulls may storm their way higher to further test 1320 (Aug 2014) levels if it breaches 1297.52 levels. The bullish hourly RSI at 64 levels also support the upward momentum in the pair.

XAU/EUR pair – Hourly Chart

XAUEUR
Gold prices in terms of Euro (XAU/EUR) finished higher on Tuesday at 1118.54 levels. The XAU/EUR pair extended gains today as the Euro continues to hover around USD 1.16 levels ahead of European Central Bank’s (ECB) meeting tomorrow. The pair is likely to remain elevated as it heads to test 1122.66 levels (Jan 20 High). The bullish hourly RSI also inched slightly higher at 63.73 indicated an upside in the making. A break above 1122.66 levels, the pair may climb further to test 1133.79 levels to clock fresh 2-year highs. However, in case of a failure to breach yesterday’s high, the pair may bounce-off to hourly 20-DMA located at 1117.20 levels.

XAU/JPY pair – Hourly Chart

XAUJPY
Gold prices in terms of Japanese yen (XAU/JPY) ended higher on Tuesday at 153,257 levels as the Japanese yen weakened versus the US dollar. However, the pair is expected to edge lower today as the yen rebounded against the USD after the Bank of Japan (BOJ) refrained from making any adjustments to its quantitative easing program. Currently, the pair trades at 152,751, retreating from day’s high previously posted at 153,462 levels. On the hourly chart, the pair has broken below the hourly 5-DMA, 10-DMA and 20-DMA. However, the pair seems to have bounced-off from daily lows hit at 152,472 and may retest hourly 5-DMA at 153,000 levels on the upside. A fresh sell-off may trigger in case of a failure to breach these levels, which may push the pair to test hourly 50-DMA at 151,388 levels.