Gold Eyes Breakout to New Highs: Key Levels in Focus
On the 1H timeframe, XAU/USD shows strong bullish momentum, steadily approaching a key resistance zone around $2760-$2770. The price is forming higher highs and higher lows, with RSI trending near overbought territory, indicating strong buying pressure. The MACD histogram remains in positive territory, supporting the bullish narrative.
However, immediate resistance at $2770 could trigger a pullback if buyers lose momentum. A breakout above this level would pave the way for a potential rally toward $2800, a critical psychological barrier. On the downside, support levels at $2720 and $2680 provide strong buying opportunities if a retracement occurs.
Watch for a breakout above $2770 for continuation or a potential pullback to re-enter at key supports.
However, immediate resistance at $2770 could trigger a pullback if buyers lose momentum. A breakout above this level would pave the way for a potential rally toward $2800, a critical psychological barrier. On the downside, support levels at $2720 and $2680 provide strong buying opportunities if a retracement occurs.
Watch for a breakout above $2770 for continuation or a potential pullback to re-enter at key supports.
🚀 Unlock Freemium Indicators, In-Depth Technical Analysis, and Daily Economic Insights –> Join Our Exclusive I.R.M.O.C. Community on Telegram Today! LINK BELLOW 🚀
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.
🚀 Unlock Freemium Indicators, In-Depth Technical Analysis, and Daily Economic Insights –> Join Our Exclusive I.R.M.O.C. Community on Telegram Today! LINK BELLOW 🚀
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.