Neutral Scenario with a Potential Bullish Outlook
Updated
On Friday, there was bearish pressure on XAUUSD as the price failed to break through 1935. This bearish pressure is expected to persist and potentially increase due to the Federal Reserve's likelihood of raising interest rates later this month, influenced by a slowing labor market.
According to the analysis, if the price manages to surpass 1934, there is a high chance of it reaching 1948, which would establish a new bullish target. Conversely, if the price breaks and remains below 1913, there is a strong probability of a significant drop within the swing range. Therefore, it is important to monitor any changes in the market and make prudent trading decisions accordingly.
The overall trend analysis for the daily timeframe suggests a neutral scenario. The short-term Simple Moving Averages (SMA) show slight improvement, with the 5 SMA at 0.286% and the 10 SMA at 0.426%, while the 20 SMA stands at -0.206%, indicating a potential crossover into positive territory. The Exponential Moving Averages (EMA) also exhibit similar results, with the 5 EMA and 10 EMA showing a bullish crossover and the 20 EMA approaching a potential crossover.
Both the SMA and EMA indicate a bullish long-term trend with the 200 SMA and 200 EMA. However, in the short term, the trend remains bearish but possibly weakening, while the medium-term trend is also bearish. Overall, XAUUSD presents a bearish case in the short and medium term, but maintains a bullish outlook in the long term.
Based on this analysis, the recommended position remains bullish with a plan to continue buying dips in price, aligning with the overall trend.
TradeWithTheTrend3344
According to the analysis, if the price manages to surpass 1934, there is a high chance of it reaching 1948, which would establish a new bullish target. Conversely, if the price breaks and remains below 1913, there is a strong probability of a significant drop within the swing range. Therefore, it is important to monitor any changes in the market and make prudent trading decisions accordingly.
The overall trend analysis for the daily timeframe suggests a neutral scenario. The short-term Simple Moving Averages (SMA) show slight improvement, with the 5 SMA at 0.286% and the 10 SMA at 0.426%, while the 20 SMA stands at -0.206%, indicating a potential crossover into positive territory. The Exponential Moving Averages (EMA) also exhibit similar results, with the 5 EMA and 10 EMA showing a bullish crossover and the 20 EMA approaching a potential crossover.
Both the SMA and EMA indicate a bullish long-term trend with the 200 SMA and 200 EMA. However, in the short term, the trend remains bearish but possibly weakening, while the medium-term trend is also bearish. Overall, XAUUSD presents a bearish case in the short and medium term, but maintains a bullish outlook in the long term.
Based on this analysis, the recommended position remains bullish with a plan to continue buying dips in price, aligning with the overall trend.
TradeWithTheTrend3344
Note
Bearish targets1921
1914
Bullish targets
1930
1933
Note
1st Bearish target @1921 doneNote
2nd Bearish target @1914 doneNote
It is advisable to consider taking profit at 1925 as there seems to be increasing bearish pressure in the gold market. For further growth to occur, gold must break the 1934-1935 level and maintain a lock above it. However, if gold fails to surpass this range, there is a possibility of another downward swing towards 1913. In the event that gold reaches the 1913 level and fails to lock below it, we may witness another upward swing. It is crucial to exercise caution and trade with care in such circumstances.Note
1st bullish target @1930 doneNote
2nd Bullish target done @1933Note
It appears that gold may have potentially formed a new support around 1930. It remains to be seen whether this level will hold up as a stable support
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