XAUUSD Is Probably Bullish

Technical analysis

The EMA(24) is higher than the EMA(124), which is advantageous for bulls.

The RSI is above 50 suggesting a prevailing uptrend.

What the possible outcomes are

Today, traders will watch Jerome Powell’s speech for further clues on potential tapering by the Fed.

At the moment, the price may attempt to break the first resistance level of 1,800. Above lies the second resistance level of 1,809.

If bears defend the resistance level of 1,800, the price may recoil towards the support level of 1,790. A breakout of that level can push the price lower towards 1,783.

Key levels

Support 1,777 1,783 1,790

Resistance 1,800 1,809 1,815

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