Market Overview
Gold (XAU/USD) has shown strong bullish momentum, reaching a high near $2,894, approaching key resistance levels at $2,904 and $2,921. However, early signs of exhaustion indicate a potential retracement towards $2,886, a key support level to watch.
Key Levels to Watch
• Resistance Levels:
• $2,904 – A significant resistance zone where price may struggle to break through.
• $2,921 – A major resistance level, aligning with previous supply zones and psychological levels.
• Support Levels:
• $2,886 – Expected retracement level where price may find temporary support.
• $2,870 – A deeper support level aligning with past liquidity zones.
Technical Insights
1. Price Action & Market Structure
• Gold has been making higher highs, but price action near $2,904 suggests possible profit-taking or short-term rejection.
• A retracement to $2,886 aligns with previous price reactions, making it a key level for buyers to re-engage.
2. MACD & Momentum
• The MACD remains bullish, but histogram levels are extended, indicating possible momentum slowing down.
• If price fails to hold above $2,886, further downside movement could be possible towards $2,870.
3. Liquidity & Market Sentiment
• Strong buying pressure has driven gold higher, but the reaction at resistance zones will determine the next phase.
• A deeper retracement remains possible if gold fails to hold above key supports.
Market Catalysts to Watch
• Economic Events & U.S. Data Releases – Upcoming reports could impact gold’s price fluctuations.
• Dollar Strength & Interest Rate Speculation – Any shifts in sentiment around rate cuts or inflation expectations could drive volatility.
Conclusion
Gold remains in an uptrend, but resistance at $2,904 and $2,921 could lead to a retracement towards $2,886 before the next move. Market participants should watch price reactions around these levels to gauge momentum continuation or deeper pullbacks.
📌 By Brokerir – Professional market insights for informed trading!
Gold (XAU/USD) has shown strong bullish momentum, reaching a high near $2,894, approaching key resistance levels at $2,904 and $2,921. However, early signs of exhaustion indicate a potential retracement towards $2,886, a key support level to watch.
Key Levels to Watch
• Resistance Levels:
• $2,904 – A significant resistance zone where price may struggle to break through.
• $2,921 – A major resistance level, aligning with previous supply zones and psychological levels.
• Support Levels:
• $2,886 – Expected retracement level where price may find temporary support.
• $2,870 – A deeper support level aligning with past liquidity zones.
Technical Insights
1. Price Action & Market Structure
• Gold has been making higher highs, but price action near $2,904 suggests possible profit-taking or short-term rejection.
• A retracement to $2,886 aligns with previous price reactions, making it a key level for buyers to re-engage.
2. MACD & Momentum
• The MACD remains bullish, but histogram levels are extended, indicating possible momentum slowing down.
• If price fails to hold above $2,886, further downside movement could be possible towards $2,870.
3. Liquidity & Market Sentiment
• Strong buying pressure has driven gold higher, but the reaction at resistance zones will determine the next phase.
• A deeper retracement remains possible if gold fails to hold above key supports.
Market Catalysts to Watch
• Economic Events & U.S. Data Releases – Upcoming reports could impact gold’s price fluctuations.
• Dollar Strength & Interest Rate Speculation – Any shifts in sentiment around rate cuts or inflation expectations could drive volatility.
Conclusion
Gold remains in an uptrend, but resistance at $2,904 and $2,921 could lead to a retracement towards $2,886 before the next move. Market participants should watch price reactions around these levels to gauge momentum continuation or deeper pullbacks.
📌 By Brokerir – Professional market insights for informed trading!
Trade closed: target reached
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.