From a technical perspective, last week's breakout through the $2,928-2,930 horizontal resistance and a subsequent move was seen as a fresh trigger for bulls. That said, the daily Relative Strength Index (RSI) remains close to the overbought territory and is holding back traders from placing fresh bullish bets around the Gold price. Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before the next leg up. Nevertheless, the broader setup suggests that the path of least resistance for the XAU/USD pair remains to the upside and supports prospects for an extension of a well-established uptrend witnessed over the past three months or so.
Xauusd sell signal 2985
Support 1 2972
Support 2 2961
Support 2950
Resistance 1 2996
Resistance 2 3012
Meanwhile, any meaningful corrective slide might now attract fresh buyers near the $2,956 resistance breakpoint, below which the Gold price could drop to the $2,930-2,928 horizontal zone. The latter should act as a key pivotal point. A convincing break below might prompt some technical selling and pave the way for deeper losses. The XAU/USD pair might then accelerate the fall towards the $2,900 round figure en route to last week's swing low, around the $2,880 region.
Xauusd sell signal 2985
Support 1 2972
Support 2 2961
Support 2950
Resistance 1 2996
Resistance 2 3012
Meanwhile, any meaningful corrective slide might now attract fresh buyers near the $2,956 resistance breakpoint, below which the Gold price could drop to the $2,930-2,928 horizontal zone. The latter should act as a key pivotal point. A convincing break below might prompt some technical selling and pave the way for deeper losses. The XAU/USD pair might then accelerate the fall towards the $2,900 round figure en route to last week's swing low, around the $2,880 region.
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1 resistance hit 110 pips done 👍Trade closed: target reached
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Xauusd signal Note
All resistance hit 270 pips done 👍
Gold signal
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Gold signal
t.me/ProTrader_9
My Channel Link
t.me/ProTrader_9
Check My Performance
t.me/ProTrader_9
My Channel Link
t.me/ProTrader_9
Check My Performance
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.