Gold (XAUUSD) Technical Analysis Summary (2-Hour Timeframe):
1. **Price Action**:
- **Current Price**: 2,859.85 (down 0.36% intraday, but closed at 2,859.82, up 0.13% from prior close).
- **Session Range**: High **2,860.06** | Low **2,855.78**.
- Near-term resistance at **2,860.06**; support at **2,855.78** (session low) and **2,857.25** (EMA 20).
2. **Key Indicators**:
- **EMA 20**: 2,857.25 (price above EMA suggests short-term bullish bias).
- **RSI (14)**: 57.30 (neutral, no overbought/oversold signals).
- **Volume**: 7,859.44 (moderate activity; 9% increase).
3. **Fibonacci Levels**:
- Repeated support zone at **2,800.00** (0.302, 0.5, 0.618 retracements), but current price is far above this level.
4. **Outlook**:
- **Bullish Scenario**: Sustained hold above EMA 20 (2,857.25) could target a breakout above **2,860.06**, aiming for higher resistance.
- **Bearish Risk**: A drop below EMA 20 may trigger a test of **2,855.78** (session low).
- **Neutral RSI**: Indicates no immediate momentum extremes; watch for divergence.
**Actionable Insight**: Monitor price reaction at **2,860.06** resistance. A breakout with volume could signal continuation upward. Conversely, failure to hold EMA 20 may invite short-term selling. Long-term support remains at **2,800.00**, but not immediately relevant.
1. **Price Action**:
- **Current Price**: 2,859.85 (down 0.36% intraday, but closed at 2,859.82, up 0.13% from prior close).
- **Session Range**: High **2,860.06** | Low **2,855.78**.
- Near-term resistance at **2,860.06**; support at **2,855.78** (session low) and **2,857.25** (EMA 20).
2. **Key Indicators**:
- **EMA 20**: 2,857.25 (price above EMA suggests short-term bullish bias).
- **RSI (14)**: 57.30 (neutral, no overbought/oversold signals).
- **Volume**: 7,859.44 (moderate activity; 9% increase).
3. **Fibonacci Levels**:
- Repeated support zone at **2,800.00** (0.302, 0.5, 0.618 retracements), but current price is far above this level.
4. **Outlook**:
- **Bullish Scenario**: Sustained hold above EMA 20 (2,857.25) could target a breakout above **2,860.06**, aiming for higher resistance.
- **Bearish Risk**: A drop below EMA 20 may trigger a test of **2,855.78** (session low).
- **Neutral RSI**: Indicates no immediate momentum extremes; watch for divergence.
**Actionable Insight**: Monitor price reaction at **2,860.06** resistance. A breakout with volume could signal continuation upward. Conversely, failure to hold EMA 20 may invite short-term selling. Long-term support remains at **2,800.00**, but not immediately relevant.
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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.