Technical Analysis of Spot Gold (XAU/USD) – January 12, 2025
Updated
The #gold market continues its upward trend, and in lower timeframes, positive signs of further upward movement are visible. Based on the updated chart data, the following analysis is provided:
Overall Market Overview
The 4-hour chart of spot gold prices shows successful attempts to maintain levels above key support zones. The addition of the Ichimoku cloud in this analysis provides further insight into the trend direction. Currently, the price is near the critical resistance level of $2,700, with the market showing a strong inclination to break through this level.
Trend Analysis Using Ichimoku
The Ichimoku cloud indicates a strong bullish trend:
The price is above the Ichimoku cloud, signaling a strong uptrend.
The Kijun-Sen and Tenkan-Sen lines also have an upward slope, providing support for the price.
The gap between the price and the Ichimoku cloud indicates dynamic support around the $2,650 level.
Key Support and Resistance Levels
Support Levels:
The first strong support is around the $2,650 range, further reinforced by the Ichimoku cloud.
The second support is observed around $2,620, which is highly significant.
Resistance Levels:
The first resistance lies in the $2,700 range. Breaking this level could lead to an acceleration in the uptrend.
The second resistance is observed at $2,760, a critical level for continuing the bullish movement.
Bullish Scenario
If the price can break above the $2,700 resistance and stabilize in this range, the next bullish targets will be around $2,760. The positive slope of the Ichimoku lines and the overall uptrend increase the likelihood of this scenario.
Bearish Scenario
If the price fails to break through the $2,700 resistance, a price correction toward the $2,650 support level may occur. If this support level breaks, the price could drop to $2,620 or even lower levels.
Summary and Conclusion
Based on the current analysis, the overall gold market trend is still bullish. The $2,700 level plays a crucial role in determining the market’s next direction. Breaking this resistance could push the market toward higher targets, while falling below the $2,650 level may signify the start of a corrective phase.
Recommendation: For traders and investors, closely monitoring the key levels and analyzing trading volumes alongside tools like RSI and MACD can help identify entry and exit points effectively.
Overall Market Overview
The 4-hour chart of spot gold prices shows successful attempts to maintain levels above key support zones. The addition of the Ichimoku cloud in this analysis provides further insight into the trend direction. Currently, the price is near the critical resistance level of $2,700, with the market showing a strong inclination to break through this level.
Trend Analysis Using Ichimoku
The Ichimoku cloud indicates a strong bullish trend:
The price is above the Ichimoku cloud, signaling a strong uptrend.
The Kijun-Sen and Tenkan-Sen lines also have an upward slope, providing support for the price.
The gap between the price and the Ichimoku cloud indicates dynamic support around the $2,650 level.
Key Support and Resistance Levels
Support Levels:
The first strong support is around the $2,650 range, further reinforced by the Ichimoku cloud.
The second support is observed around $2,620, which is highly significant.
Resistance Levels:
The first resistance lies in the $2,700 range. Breaking this level could lead to an acceleration in the uptrend.
The second resistance is observed at $2,760, a critical level for continuing the bullish movement.
Bullish Scenario
If the price can break above the $2,700 resistance and stabilize in this range, the next bullish targets will be around $2,760. The positive slope of the Ichimoku lines and the overall uptrend increase the likelihood of this scenario.
Bearish Scenario
If the price fails to break through the $2,700 resistance, a price correction toward the $2,650 support level may occur. If this support level breaks, the price could drop to $2,620 or even lower levels.
Summary and Conclusion
Based on the current analysis, the overall gold market trend is still bullish. The $2,700 level plays a crucial role in determining the market’s next direction. Breaking this resistance could push the market toward higher targets, while falling below the $2,650 level may signify the start of a corrective phase.
Recommendation: For traders and investors, closely monitoring the key levels and analyzing trading volumes alongside tools like RSI and MACD can help identify entry and exit points effectively.
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Website : mdfxco.com/technical-analysis-of-spot-gold-xau-usd-january-12-2025/
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