Gold prices hovered below a one-week high hit on Wednesday and remained well supported by concerns over the potential economic fallout from Trump’s trade tariffs and a global trade war. Meanwhile, recent weaker US macroeconomic data has raised expectations of further Fed easing, weighing on the USD and benefiting the yellow metal.
The daily chart for XAU/USD shows prices trading around the daily opening level, while intraday losses were quickly reversed, suggesting buyers are capitalizing on the dips. The same chart shows Gold developing above all of its moving averages, with the flat 20-day Simple Moving Average (SMA) providing short-term support at around $2,906.25. Meanwhile, technical indicators have turned directionless, with the Momentum indicator stuck around the 100 level.
The short-term picture suggests risks are tilted to the upside. In the 4-hour chart, the XAU/USD pair is holding at the highs of its recent range while rising above all its moving averages. The bullish 20 SMA provides intraday support in the $2,890 area, while the upside below the flat 100 SMA. Finally, the technical indicators have turned sharply north in positive levels, reflecting continued buying interest.
Gold has entered the Wyckoff range after sweeping the spring point at 2895 yesterday that was caught by our brothers. So if this case continues to apply the above method, it is a bullish trade.
Currently, there are only 3 reasonable price resistance levels: 2920 - 2913 - 2902.
🟢 BUY scalp 2915 - 2913, stoploss 2910
When the price breaks through 2900, the Wyckoff collapses and cannot buy in this upper zone anymore.
🟢 BUY scalp 2889 - 2887, stoploss 2884
🟢 BUY 2880 - 2878, stoploss 2873
There is no news today, so it is. The Sell point has only these 2 levels.
🔴 SELL 2940 -2942, stoploss 2946.
🔴 SELL 2950 round resistance, pay attention to the price when it is near
The daily chart for XAU/USD shows prices trading around the daily opening level, while intraday losses were quickly reversed, suggesting buyers are capitalizing on the dips. The same chart shows Gold developing above all of its moving averages, with the flat 20-day Simple Moving Average (SMA) providing short-term support at around $2,906.25. Meanwhile, technical indicators have turned directionless, with the Momentum indicator stuck around the 100 level.
The short-term picture suggests risks are tilted to the upside. In the 4-hour chart, the XAU/USD pair is holding at the highs of its recent range while rising above all its moving averages. The bullish 20 SMA provides intraday support in the $2,890 area, while the upside below the flat 100 SMA. Finally, the technical indicators have turned sharply north in positive levels, reflecting continued buying interest.
Gold has entered the Wyckoff range after sweeping the spring point at 2895 yesterday that was caught by our brothers. So if this case continues to apply the above method, it is a bullish trade.
Currently, there are only 3 reasonable price resistance levels: 2920 - 2913 - 2902.
🟢 BUY scalp 2915 - 2913, stoploss 2910
When the price breaks through 2900, the Wyckoff collapses and cannot buy in this upper zone anymore.
🟢 BUY scalp 2889 - 2887, stoploss 2884
🟢 BUY 2880 - 2878, stoploss 2873
There is no news today, so it is. The Sell point has only these 2 levels.
🔴 SELL 2940 -2942, stoploss 2946.
🔴 SELL 2950 round resistance, pay attention to the price when it is near
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
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.