XAU/USD posts a fresh 3-month high at 1239.92 – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, shares that XAU/USD has continued its upside climb, having posted a fresh 3-month high at 1239.92 levels, anticipating a break above this to lead the pair towards 1253.99.

Key Quotes

“Gold prices in terms of US dollar (XAU/USD) extended gains and ended higher on Monday at 1231.33 levels, as investors increased bids for safe-haven assets such as gold amid tumbling oil prices and uncertainty in global markets.”

“The pair continued its upside momentum today and trades at 1237.20, having posted fresh 3-month highs at 1239.92 levels.”

“On the hourly chart, the pair is seen trading between 1236.20-1239 levels, finding good support at hourly 5-DMA located at 1236.16. The bullish hourly RSI at 68.75 also supports the upside in XAU/USD.”

“A break below hourly 5-DMA, may take the pair lower to test the immediate support at hourly 10-DMA located at 1234.49 levels. The pair is expected to rebound from these levels and may retest 1239.92 (Today’s high) levels.”

“A breach of 1239.92 levels, may result in XAU bulls marching their way towards 200-DMA on daily charts placed at 1253.99 levels.”