However, price failed to break below 5-DMA support. 5-DMA is upward sloping and is offering strong support.
The pair is trading in the green in the European session. Weakness in the US dollar likely supporting price.
Technical indicators on the hourly charts have turned . Price has broken above 1H 200 and we see a which adds to upside bias.
Focus on U.S. CPI data for further impetus. Gold price could test $1,300 if the US CPI misses estimates.
CPI is likely to remain unchanged at 1.6% y/y. Core CPI is expected to remain unchanged at 0.2% and 2.2% m/m and y/y respectively.
Support levels - 1295.25 (1H 200-SMA), 1291.83 (5-DMA), 1280.57 (Mar 7 low)
Resistance levels - 1300, 1305.92 (38.2% Fib), 1307.19 (5W )
Good to go short on dips around 1295/6, SL: 1290, TP: 1300/ 1305/ 1307
Price has broken out of daily cloud.
Eyes 20-DMA at 1310. Breakout to see further upside.
Book partial profits, trail SL to 1300, tgt 1310.