XAU/USD: Overbought Signals in Short-Term Dip of Bullish Trend
Updated
Hello Everyone,
Over the past week, there has been a decrease of -0.84% in XAU/USD, but the one-day performance remains positive at +0.10%. Looking at the broader picture, the one-month performance shows an increase of +0.99%, and the three-month performance indicates a substantial rise of +11.60%. Despite these fluctuations, it's noteworthy that XAU/USD appears overbought in higher timeframes.
The overall trend in higher timeframes remains bullish, gaining momentum even in the lower timeframes. Consequently, gold is still considered a viable buy. There is potential for a rebound, either from the daily 20 SMA/EMA (2041.134/2043.328) or the 50 SMA/EMA (2013.328/2014.848).
It's crucial to closely monitor economic indicators, particularly the Thursday CPI report and Friday's PPI reports, as they can significantly impact market dynamics.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Over the past week, there has been a decrease of -0.84% in XAU/USD, but the one-day performance remains positive at +0.10%. Looking at the broader picture, the one-month performance shows an increase of +0.99%, and the three-month performance indicates a substantial rise of +11.60%. Despite these fluctuations, it's noteworthy that XAU/USD appears overbought in higher timeframes.
The overall trend in higher timeframes remains bullish, gaining momentum even in the lower timeframes. Consequently, gold is still considered a viable buy. There is potential for a rebound, either from the daily 20 SMA/EMA (2041.134/2043.328) or the 50 SMA/EMA (2013.328/2014.848).
It's crucial to closely monitor economic indicators, particularly the Thursday CPI report and Friday's PPI reports, as they can significantly impact market dynamics.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Note
The daily pivot point for gold is currently at 2028.373. If gold fails to surpass this level, there is potential for further downside, indicating a potential decrease in the gold price towards 2010!Note
Another solid week, have a good weekend everyone!
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