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FxWirePro- Major Pair levels and bias summary 
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Technical Glance: Well, gold (XAUUSD price) has continued to sense buying sentiments after testing supports at $1,291.72 levels (i.e. 7-DMAs), the formation of “hammer and 3-white soldier pattern candlesticks” has stimulated bullish environment.
Hammer occurred at $1,201.95 and $1,238.07 levels, 3-white soldier occurred at $1,293.10 level on daily plotting. Consequently, bulls have taken-off rallies above DMAs, the ongoing bullish rallies are most likely to test the stiff resistance at $1,298.50 levels.
More rallies likely as the technical indicators (both momentum and trend oscillators) on this timeframe, are in conformity to the prevailing uptrend. DMAs and MACD also show bullish crossover that indicate upswings to prolong further.
The major trend resume consolidation phase after the formation of hammer patterns at the double top neckline (refer monthly plotting). As a result, the current price on this timeframe, has spiked above EMAs with most likely bullish crossover. Both RSI and stochastic curves, also converge upwards to the upswings.
Trading tips:At spot reference: $1,292 level, on trading grounds, as stochastic curves are in overbought territory, to participate in the current uptrend one can trade this commodity with boundary options with upper strikes at 1,299 and lower strikes at 1285 levels. The strategy is likely to fetch leveraged yields as long as the underlying price remains between above strikes on the expiration.
Alternatively, on hedging grounds, we advocated long positions in CME gold contracts for Jan’19 delivery, when the underlying was trading at $1,280/oz. We now continue to hold onto the same strategy by rolling over the contracts to February delivery as we could foresee more upside risks.
Currency Strength Index: FxWirePro's hourly EUR is at 101 (bullish), hourly USD spot index is inching towards -57 levels (bearish), while articulating at 12:03 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
