Technical Analysis
• Daily Chart:
• The price is in a strong uptrend with the RSI near overbought levels (78), but momentum remains intact as shown by a bullish MACD.
• Continuation of the bullish trend is more likely since there’s no clear sign of reversal yet.
• 15-Minute Chart:
• The price maintains an upward structure with higher highs and higher lows.
• MACD and RSI are stable near neutral levels, indicating room for price continuation.
• 3-Minute Chart:
• Short-term pullbacks are seen, but the general structure remains bullish.
• RSI divergence isn’t evident, and MACD shows slight consolidation, not a significant reversal.
Fundamental Outlook
• Gold has likely been supported by inflationary concerns, geopolitical events, or a weaker dollar environment.
• Unless there’s unexpected macroeconomic news or a change in Federal Reserve policy, gold’s bullish momentum seems intact.
Trade Recommendation
Position: Long XAU/USD (Gold)
• Entry: 2903.70
• Stop Loss (SL): 2890.00 (Below recent support levels)
• Take Profit (TP): 2929.00
This setup offers a 2:1 risk-reward ratio, with the SL placed conservatively below the nearest support on the 15-minute timeframe.
• Daily Chart:
• The price is in a strong uptrend with the RSI near overbought levels (78), but momentum remains intact as shown by a bullish MACD.
• Continuation of the bullish trend is more likely since there’s no clear sign of reversal yet.
• 15-Minute Chart:
• The price maintains an upward structure with higher highs and higher lows.
• MACD and RSI are stable near neutral levels, indicating room for price continuation.
• 3-Minute Chart:
• Short-term pullbacks are seen, but the general structure remains bullish.
• RSI divergence isn’t evident, and MACD shows slight consolidation, not a significant reversal.
Fundamental Outlook
• Gold has likely been supported by inflationary concerns, geopolitical events, or a weaker dollar environment.
• Unless there’s unexpected macroeconomic news or a change in Federal Reserve policy, gold’s bullish momentum seems intact.
Trade Recommendation
Position: Long XAU/USD (Gold)
• Entry: 2903.70
• Stop Loss (SL): 2890.00 (Below recent support levels)
• Take Profit (TP): 2929.00
This setup offers a 2:1 risk-reward ratio, with the SL placed conservatively below the nearest support on the 15-minute timeframe.
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.
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.