From the daily chart, the price of gold has shown a clear upward trend since the beginning of this year, but has recently begun to show signs of consolidation. The current price is trading in the $3,250 area, which is a certain correction from the high of $3,500. The RSI indicator shows that the current value fluctuates around 50, which is neither in the overbought nor oversold area, indicating that the market is in a relatively balanced state. The recent RSI indicator has stabilized after falling from a high level, suggesting that there may be potential for a new round of increases.
From the perspective of support and resistance, the current price faces an important resistance level of $3,350 above; if it can effectively break through this level, it is expected to retest the upper level of the Bollinger Band of $3,378-3,392. The lower support is around $3,170, which is also the lower edge of the recent fluctuations.
From the perspective of bulls, the price of gold is expected to continue to rise supported by safe-haven demand and expectations of a rate cut by the Federal Reserve. If the price can effectively break through the $3,350 resistance level, it is expected to retest the $3,500 high and even challenge the psychological barrier of $3,600. Factors supporting this view include ongoing geopolitical tensions, U.S. debt problems, and a possible weakening of the U.S. dollar.
From a short-term perspective, if global trade tensions ease further and market risk appetite improves, gold's safe-haven appeal may be weakened. Technically, if the price loses the $3,170 support level, it may fall further to the $3,100 area, or even test the $3,000 round mark.
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From the perspective of support and resistance, the current price faces an important resistance level of $3,350 above; if it can effectively break through this level, it is expected to retest the upper level of the Bollinger Band of $3,378-3,392. The lower support is around $3,170, which is also the lower edge of the recent fluctuations.
From the perspective of bulls, the price of gold is expected to continue to rise supported by safe-haven demand and expectations of a rate cut by the Federal Reserve. If the price can effectively break through the $3,350 resistance level, it is expected to retest the $3,500 high and even challenge the psychological barrier of $3,600. Factors supporting this view include ongoing geopolitical tensions, U.S. debt problems, and a possible weakening of the U.S. dollar.
From a short-term perspective, if global trade tensions ease further and market risk appetite improves, gold's safe-haven appeal may be weakened. Technically, if the price loses the $3,170 support level, it may fall further to the $3,100 area, or even test the $3,000 round mark.
XAUUSD XAUUSD XAUUSD XAUUSD 
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Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.