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FxWirePro: XAU/USD breaks-out wedge resistance and hits fresh 1Y highs – Uphold long hedges as Gold likely to glitter more
Technical glance: Gold’s (XAUUSD price) has spiked above 7 & 21-DMAs and hit a fresh 1-year high at $1,358.06 levels. The minor trend breaks-out wedge resistance, consequently, price rallies take off above DMAs and cleared one more stiff resistance of 1346 level in this bullish journey, while both leading and lagging indicators signal the strength in the prevailing uptrend.
It has continued to sense buying sentiments after it breaks-out of the stiff resistance above 1,346 (on the daily chart).
To substantiate this bullish sentiment, both RSI and Stochastic oscillators show upward convergence to the prevailing rallies that indicate the strength and the intensified buying momentum.
While trend indicators confirm the uptrend continuation as we see bullish MACD & DMA crossovers on this timeframe.
On a broader perspective, double top with consecutive shooting stars nudges price below EMAs in the past (refer monthly plotting). To counter these slumps, ever since the formation of a hammer pattern at $1,200.55 levels in Aug’2018 (exactly at double top neckline) we’ve seen more upswings. For now, it puzzles the major trend. The puzzling question is that can the bulls break-out stiff resistance of 1368 or bears develop triple top pattern? bulls attempt to spike off upon bullish EMA crossover.
Both momentum oscillators (RSI &Stochastic curves) substantiate bullish sentiment on this timeframe. We get the signals of the uptrend continuation from bullish EMA & bullish crossovers.
Overall, bulls in the bullion market managed to ensure the consolidation phase, and it is likely to prolong as long as the current price remains well above EMAs.
Trading tips: At spot reference: $1,345 levels, on trading grounds, one can trade this commodity via one-touch call option using upper strikes at 1,368 levels. The strategy is likely to fetch exponential yields if the underlying commodity price keeps flying towards this strike on the expiration.
As we could foresee upside risks in the weeks to come, on hedging grounds, we advocate initiating longs in CME XAUUSD futures contracts of mid-month tenors with a view to arresting further the upside risks.
Currency Strength Index: FxWirePro's hourly EUR is at -79 (bearish), hourly USD spot index is inching towards 79 levels (bullish), while articulating at 13:41 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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