Gold glitters at 3-weeks highs after jumping above 21DMA

FX:XAUUSD   Gold Spot / U.S. Dollar
282 1 13
Technical Inference:

The current price jump above 21DMA & intraday breach of resistance at 1250.75 is likely to bring in a more bullish environment.

Especially after Yellen’s dovish hints on Federal Reserve deferral of speculated rate hikes, this precious metal has been very susceptible to moves in U.S. interest rates.

Usually, a gradual path to higher rates is seen as less of a threat to gold             prices than a swift series of increases.

Daily RSI has been converging to the prevailing rallies ever since it has dropped and tested supports at 1200 levels.

Same is the case with stochastic , a clear %k crossover has been maintained right from an oversold trajectory that signals the healthy momentum in ongoing buying sentiments.

Having said that, on a broader perspective the precious metal has been quite puzzling and struggled to hold on to 13-months highs in the recent past (at 1294.41) (see weekly charts).

Leading oscillators are not favourable to the interim bulls, after the trend has seen more than 61.8% retracement , it is now rejected below 50% fibo retracements and tight resistance at 1286.

However, it has shown a considerable jump from last 2 months that has taken the current prices above 7 & 21EMAs along with slight the convergence shown by leading oscillators has triggered off bullish environment, which means even though the prices were seeing little skepticism at 1286 zones. The major trend is most likely to encompass medium term uptrend with short-term obstacles.

Trade tips:

Intraday speculators can eye on boundary binaries keeping 1255.99 upper brackets and 1245.40 as lower brackets.

In a medium term perspective, one can also eye on long positions in the gold's mid-month futures for an unlimited returns that could be entered by the futures speculator to profit from a rise in the price of the underlying precious metal.
Trade active: Stay calm with long futures as these instruments are performing well.
Trade active: Had you built the portfolio with gold futures longs, by now, we hope your portfolio performing as desired, Stay firm for more returns.
Thanks. very good long call.
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