The XAUUSD on the hourly time frame has been following an uptrend recently. The price jumped above $1310 to register the highest level in 2 weeks on 10 April. The recent price action in the Gold is mainly driven the weakness in the US Dollar. Dovish comments from US Federal Reserve also played a major role in recent bullish move in the precious metal. The price is currently hovering around $1307 with positive MACD and RSI above 50.
The hourly chart of the XAUUSD confirms the positive sentiment in the price movement as the commodity is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the Gold. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market.
In alternative scenario, key support level lies at $1301 (Latest swing low). Bears must break this level in order to regain bearish sentiment in the market.
The hourly chart of the XAUUSD confirms the positive sentiment in the price movement as the commodity is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the Gold. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market.
In alternative scenario, key support level lies at $1301 (Latest swing low). Bears must break this level in order to regain bearish sentiment in the market.