GBPJPY Rockets Post-BOJ Hike: Bullish Surge to 210 in Sight – Buy Dips Targeting 212 
EURJPY Surges Post-BOJ Hike: Bullish Momentum Builds – Buy Dips Targeting 185 
FxWirePro: USD/ZAR edges higher but bearish outlook persists 
FxWirePro: USD/CAD downtrend slows, but bearish sentiment remains 
FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook 
FxWirePro: GBP/NZD attracts buying interest, 38.2% fib eyed 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
FxWirePro: EUR/NZD uptrend loses steam, remains on bullish path 
CADJPY Pulls Back on Weak Canadian Retail Data: Dips to 113 Prime Buying Opportunity Targeting 116 
NZDJPY Whipsaws After BoJ Hike: Buy-the-Dip Setup Above 89 With Eyes on 92 
The gold price is edging above $1,732 levels, the yellow metal gains considerably from the last couple of days, especially after the lows of $1,455 levels.
Technically, on XAUUSD (Gold) price chart, bulls bounce back above DMAs with bullish crossover upon strong support, the prevailing uptrend is most likely to prolong further as both the leading oscillators signal bullish momentum.
The current price continue to spike further testing support at 7-DMAs despite prevailing pandemic circumstance.
On a broader perspective, the major uptrend extends through saucer pattern (refer monthly chart).
Bulls break-out stiff resistances of 1,705.56 level (i.e. 88.6% Fibonacci level) of December 2015 lows of (i.e. 1044.62) and October 2012 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: $1,734 level, on trading grounds, one-touch call options trading strategy with upper strikes at $1,747 levels. The strategy achieves leveraged yields if the underlying spot FX keeps spiking higher towards upper strikes on the expiration.
Alternatively, on hedging grounds, we advocated long positions CME gold contracts of May’2020 delivery as we could foresee more upside risks and intensified buying interests on safe-haven sentiments amid geopolitical turmoil and the global financial crisis.
