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Gold Analysis: XAU/EUR consolidates around 1050 levels, ECB, Euro group eyed

XAU/USD pair – Daily Chart

XAUUSD

Gold prices in terms of US dollar (XAU/USD) witnessed steep losses on Wednesday and fell to fresh 4-month lows at 1143.24 after Fed Chair Yellen’s reiteration in her testimony that rate-hike stays on track ‘sometime this year’ boosted the USD bulls, dragging gold sharply lower. XAU/USD pair breached the trend line support at 1145.37, although swung back higher above the last on close\, extending losses for the third-day in a row.

XAU/USD is seen miring near multi-month lows and now trades around 1147 levels, keeping downside bias intact. The pair remains pressured as USD bulls continue to dominate ahead of the second round of Yellen’s testimony before the Senate Banking Committee due later tonight. Moreover, successful Greek Parliament vote on the bailout reforms also reduced the demand for gold as a safe-haven, keeping the pair in red.

Technically, on daily charts, XAU/USD hovers around the trend line support located at 1145 and could retest the same later in the session reacting to more of Yellen and a batch of US releases. The daily RSI hovering around 32 lies in an extremely oversold region and hence a rebounded could be expected if US economic news disappoint. Should the prices bounce-off the trend line support, we could see the pair swing higher to 5-DMA located 1154.35 levels. Only a decisive break below 1145 levels would expose further downside towards 1138 (Nov 2014 low) levels.

XAU/EUR pair – Daily Chart

XAUEUR

Gold prices in terms of Euro (XAU/EUR) extended losses and close lower on Wednesday at 1049.59, bouncing-off crucial 200-DMA located near 1043 levels. The pair remained cautious ahead of Greece bailout vote to be passed on Wednesday by both French and Greek parliament. XAU/EUR remained pressured despite falling EUR/USD as broadly stronger USD on Yellen’s testimony weighed on XAU pair across the board.

As for today’s trade, XAU/EUR continues to consolidate to the downside below 20-DMA resistance located at 1050.70, having faced rejection at 1051.06 highs. The pair oscillates in a very tight band as markets await fresh news flow from the ECB monetary policy meeting which expected to be centered on Greece, while Euro group conference call will also be closely watched. Later in the New York session, Fed Yellen’s speech will be tracked for further USD moves, impacting EUR/USD.

The daily RSI at 47.40 has turned flattish while the pair has formed a small doji on daily charts, both indicating lack of clear direction as markets await fresh triggers. Hence, to the downside, the pair may retest 200-DMA support located at 1044, below which floors open up for a test of trend line support located at 1033.20. A failure to break below 200-DMA, XAU/EUR may rebound higher for a retest of 1053-1054 resistance zone formed by previous highs. A break above the lasts, XAU bulls may take back control, driving the pair higher towards 50-DMA located at 1060.88 levels.

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