Gold’s hourly momentum positive following BoJ announcement
The daily gold chart has charted a series of higher troughs followed by higher peaks (green zig-zags). We regard this as an uptrend. The precious metal may look to chart its next daily impulse up (daily +ve impulse scenario). We consider the hourly chart. Following the BoJ's announcement that it will defend the 50bps level, up from the 25bps level, the precious metal's trend-following EMAs and the momentum based stochastic indicator are in bullish mode. The stochastic is currently above 80 (red rectangle). If it can maintain this level, a positive underlying momentum will be present. XAUUSD needs this for the daily +ve impulse scenario to unfold.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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