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The precious metal (gold) price gains considerably from last couple of days, especially after the lows of $1,455 levels. But to begin this week, these price gains have been pared with profit booking sentiments.
Technically, XAUUSD (Gold) price chart forms back-to-back hanging man patterns at peaks of rallies 0f $1,627 and $1,622 levels (refer oval shaped area in the daily chart). Thereby, the minor uptrend has appeared to be exhausted upon these bearish patterns.
The current price continue to spike further testing support at 7-DMAs despite prevailing price dips. Prior to which, as stated before in our recent post, bulls bounce back especially after testing the strong support at $1,445 - $1,455 levels as both leading and lagging are in sync with the minor uptrend.
On a broader perspective, Bulls break-out stiff resistances of 1511.36 level (i.e. 61.8% Fibonacci level) and retraces almost 88.6% of December 2015 lows of (i.e. 1044.62) and August 2011 highs of (1922.88) as hammer counters at saucer (i.e. near double top neckline), the current prices spike off well above EMAs with bullish crossovers, the major uptrend is most likely to prolong saucer pattern upon bullish EMA & MACD crossovers, while both the leading oscillators substantiate the buying sentiments on this timeframe as well.
Trade tips:
At spot reference: $1,614.72 level, on trading grounds, boundary options trading strategy with upper strikes at $1,624 and lower strikes at $1,594 levels. One can achieve certain yields as long as the underlying spot FX remains between these two strikes on the expiration.
Alternatively, on hedging grounds, we advocated long positions CME gold contracts of March’2020 delivery, we now upheld the same strategy by rolling over these contracts for April deliveries as we could foresee more upside risks and intensified buying interests on safe-haven sentiments amid geopolitical turmoil and the global financial crisis.
