Gold is showing a strong recovery from the recent low of $3280/oz and has now surpassed the key resistance at $3325, currently trading around $3330. The upward momentum remains intact as gold continues to trade above the EMA 09, indicating that bulls are still in control in the short term.
There is a possibility that gold could retrace slightly to the $3310 zone to gather momentum before pushing higher toward the next resistance at $3350.
Key factors supporting the short-term bullish outlook:
• The US dollar has temporarily weakened after economic data came in less impressive, giving gold room to rise.
• Gold demand has seen a slight rebound from ETFs after recent sell-offs.
• Geopolitical tensions in the Middle East and cautious sentiment in equity markets continue to support gold as a safe-haven asset.
🔍 Technical Analysis:
• Price remains above the EMA 09, indicating the bullish trend is still intact.
• Nearest support: $3310 – could be an attractive entry point for buyers.
• Next resistance: $3350 – serves as the immediate upside target.
• Bullish candlestick patterns are forming with no strong reversal signals so far.
💡 Suggested Trade Strategy (Short-Term Bias: Bullish):
• BUY XAU/USD at 3310 – 3312
🎯 TP: 3325 – 3327
❌ SL: 3307
• BUY XAU/USD at 3320 – 3322
🎯 TP: 3335 – 3337
❌ SL: 3317
There is a possibility that gold could retrace slightly to the $3310 zone to gather momentum before pushing higher toward the next resistance at $3350.
Key factors supporting the short-term bullish outlook:
• The US dollar has temporarily weakened after economic data came in less impressive, giving gold room to rise.
• Gold demand has seen a slight rebound from ETFs after recent sell-offs.
• Geopolitical tensions in the Middle East and cautious sentiment in equity markets continue to support gold as a safe-haven asset.
🔍 Technical Analysis:
• Price remains above the EMA 09, indicating the bullish trend is still intact.
• Nearest support: $3310 – could be an attractive entry point for buyers.
• Next resistance: $3350 – serves as the immediate upside target.
• Bullish candlestick patterns are forming with no strong reversal signals so far.
💡 Suggested Trade Strategy (Short-Term Bias: Bullish):
• BUY XAU/USD at 3310 – 3312
🎯 TP: 3325 – 3327
❌ SL: 3307
• BUY XAU/USD at 3320 – 3322
🎯 TP: 3335 – 3337
❌ SL: 3317
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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.
Related publications
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.