XAU/USD Technical Outlook – 13, Jan

The daily chart for the XAU/USD pair shows that it holds above the previous weekly high at $1,886.63, an immediate support level. The Momentum indicator resumed its advance within positive levels but remains below its weekly high, while the Relative Strength Index (RSI) index grinds higher, currently advancing at around 70.  At the same time, the 20 Simple Moving Average (SMA) accelerated north well above the longer ones while below the current level, all of which hints at continued buying pressure.

In the near term, and according to the 4-hour chart, the case for a bullish continuation is clear. A firmly bullish 20 SMA keeps leading the way higher by providing intraday support, currently at around $1,878.10. The longer moving averages also head higher, well below the shorter one. Finally, technical indicators resumed their advances within positive levels, ending the consolidative phase from the last few days.

Support levels: 1,878.10 1,867.05 1,856.90

Resistance levels: 1,901.70 1,914.20 1,926.00

Write a comment

Your email address will not be published. All fields are required