Technical Analysis of XAU/USD (Gold vs USD) on the Daily Chart
1. Market Structure & Trend
The chart shows a strong bullish trend with a consistent series of higher highs and higher lows.
Gold is trading within an ascending channel, respecting both the upper and lower trendlines.
The price is currently testing the upper boundary of the channel, which could act as a resistance level.
2. Fibonacci Retracement Analysis
The Fibonacci retracement tool is applied to measure potential correction levels:
0.00% Level (Current High) – This represents the latest peak of the bullish move.
38.2% Level (~$2,850) – A moderate retracement level, often tested in strong uptrends.
50.0% Level (~$2,800) – A key psychological and technical level where price often reacts.
61.8% Level (~$2,700) – The "golden ratio," which tends to be a strong support zone in deep pullbacks.
If the price pulls back from resistance, these levels will be crucial for potential buying opportunities.
3. Key Support & Resistance Zones
Resistance (~$3,050 - $3,060) – The upper trendline and recent high may act as a supply zone.
Support (~$2,950 - $2,900) – The midline of the channel and previous structure could serve as the first support level.
Major Support (~$2,800 - $2,750) – Fibonacci 50% retracement and a previous consolidation zone.
4. Exponential Moving Average (EMA 50)
The 50-day EMA is acting as dynamic support, keeping the bullish momentum intact.
If the price corrects, the EMA may align with the 38.2% or 50% Fibonacci levels, reinforcing them as potential buy zones.
5. Potential Trading Scenarios
📈 Bullish Scenario:
If Gold breaks above $3,050 with strong momentum, it may continue towards $3,100 - $3,150 as the next target.
A confirmed breakout should be supported by volume and a retest of previous resistance turning into support.
📉 Bearish Scenario:
If Gold fails to break $3,050, we may see a pullback towards $2,950 (first support).
A deeper correction could take price towards $2,850 - $2,800 (38.2% - 50% Fib), offering potential long entries.
6. Risk Management
Stop-loss: Below $2,850 to protect against a deeper pullback.
Take-profit: If entering longs, target $3,100+.
Trade Confirmation: Wait for rejection or breakout confirmation before entering.
The chart shows a strong bullish trend with a consistent series of higher highs and higher lows.
Gold is trading within an ascending channel, respecting both the upper and lower trendlines.
The price is currently testing the upper boundary of the channel, which could act as a resistance level.
2. Fibonacci Retracement Analysis
The Fibonacci retracement tool is applied to measure potential correction levels:
0.00% Level (Current High) – This represents the latest peak of the bullish move.
38.2% Level (~$2,850) – A moderate retracement level, often tested in strong uptrends.
50.0% Level (~$2,800) – A key psychological and technical level where price often reacts.
61.8% Level (~$2,700) – The "golden ratio," which tends to be a strong support zone in deep pullbacks.
If the price pulls back from resistance, these levels will be crucial for potential buying opportunities.
3. Key Support & Resistance Zones
Resistance (~$3,050 - $3,060) – The upper trendline and recent high may act as a supply zone.
Support (~$2,950 - $2,900) – The midline of the channel and previous structure could serve as the first support level.
Major Support (~$2,800 - $2,750) – Fibonacci 50% retracement and a previous consolidation zone.
4. Exponential Moving Average (EMA 50)
The 50-day EMA is acting as dynamic support, keeping the bullish momentum intact.
If the price corrects, the EMA may align with the 38.2% or 50% Fibonacci levels, reinforcing them as potential buy zones.
5. Potential Trading Scenarios
📈 Bullish Scenario:
If Gold breaks above $3,050 with strong momentum, it may continue towards $3,100 - $3,150 as the next target.
A confirmed breakout should be supported by volume and a retest of previous resistance turning into support.
📉 Bearish Scenario:
If Gold fails to break $3,050, we may see a pullback towards $2,950 (first support).
A deeper correction could take price towards $2,850 - $2,800 (38.2% - 50% Fib), offering potential long entries.
6. Risk Management
Stop-loss: Below $2,850 to protect against a deeper pullback.
Take-profit: If entering longs, target $3,100+.
Trade Confirmation: Wait for rejection or breakout confirmation before entering.
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.