XAUUSD BUY 2794/2790

TP 2797
TP 2800
TP 2803
TP 2806
TP 2810
TP 2814
TP 2817
TP 2820

SL 2780

GOLD SELL 2771/2774

TP 2768
TP 2765
TP 2761

SL 2781

Technical Outlook

The recent breakout above a short-term descending trend channel and a subsequent strength beyond the 50-day Simple Moving Average (SMA) was seen as a key trigger for bullish traders. This, along with positive technical indicators on the daily chart, suggests that the path of least resistance for the EUR/USD pair is to the upside. That said, it will still be prudent to wait for sustained strength and acceptance above the 1.0500 psychological mark before positioning for additional gains. Spot prices might then aim to surpass the 1.0530-1.0535 immediate hurdle, or over a one-month top touched earlier this week and aim to reclaim the 1.0600 round figure for the first time since early December.

On the flip side, the overnight swing low, around the 1.0380 region, is likely to protect the immediate downside. Any further decline could be seen as a buying opportunity and remain limited near the descending channel breakpoint, around the 1.0300 mark. Some follow-through selling, however, could make the EUR/USD pair vulnerable to accelerate the slide towards the 1.0255-1.0250 intermediate support en route to the 1.0200 mark and the 1.0180-1.0175, or over a two-year low set on January 13.

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GOLD SELL LIMIT 2760/2762

TP 2758

TP 2754

TP 2750 OPEN

SL 2770