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Xauusdtrend

Short gold after reboundGold rebounded after touching 3312, and has now rebounded to 3330, but the rebound strength is far less than the decline strength, so the overall performance of gold is still weak. Because gold fell sharply yesterday, the market bullish confidence suffered a heavy blow, and there are many resistances above after gold fell and broke, and it is under pressure at 3340-3350 in the short term, and there is a technical gap above that suppresses the 3360-3370 area. Therefore, before gold stabilizes in the 3360-3370 area, the short-selling force still has the upper hand, so we still focus on shorting gold in trading. We can consider shorting gold with the 3340-3350 area as resistance, and look at the target area of ​​3320-3310. The Premium privilege of my account will end on June 26, and it will stop updating here from tomorrow. Friends in the channel have already made a lot of money by following my trading strategies. Friends who have not joined yet can join and receive the latest trading strategies and trading signals in the first time to protect your trading!
OANDA:XAUUSDShort
by Steffen_Schade
Gold fluctuates upward. Trend change?Yesterday, the gold daily line closed with a middle-yin candlestick with a lower shadow. The closing price has lost the middle and lower rail positions one after another, and the short-term downward pressure adjustment will continue. The hourly level shows a bottoming out and rebound, and it rose in the early Asian session, breaking through the pressure resistance of 3328-3332 in the European and US sessions yesterday, but it did not continue the rebound and fell into a narrow range. At present, there is still great resistance above 3340, and it has failed to break through after many attempts, but the hourly line track has not been completely lost. Pay attention to the 3315 support for long positions, and pay attention to the 3340-3355 short position range for upward movement. For the period of shock, strong support or resistance will inevitably produce inertial puncture behavior, and some errors are normal. We need to pay attention to the market trend at all times and change strategies in time. Today we need to focus on the response strategies for resistance and support levels, which will determine whether we can achieve profits within the fluctuation range. Good luck to everyone.
FOREXCOM:XAUUSD
by Quaid_1
Gold fluctuates, 3300 may fall below.Gold fell to 3333 on Tuesday and then rose to around 3358, then began to fall slowly due to resistance, continued to fall in the European session, and fell to around 3295 in the US session, and rebounded in the late trading, rebounding to around 3325, and the daily line closed with a negative line with a lower shadow. In addition, Israel and Iran both accused each other of violating the agreement, which brought uncertainty to the gold market. After the sharp drop in gold last week, except for the correction of the cross positive line on Tuesday last week, the daily level has closed five consecutive negative lines since last Wednesday until now, fully demonstrating that the gold price has shown a weak feature of fluctuating downward in recent transactions. From the technical indicators, the 5-day moving average and the 10-day moving average cross downward, which indicates an important signal that the market trend is weakening in the short term. The current gold price continues to run below the moving average, further verifying the current market situation where shorts dominate. In terms of resistance, the 5-day moving average is currently around 3350, and the 10-day moving average is around 3370. These two price levels constitute the key resistance range in the upward process of gold prices. As long as the gold price fails to effectively break through this resistance band, it is likely to continue to be weak in the short term. At the support level, pay attention to the 60-day moving average around 3290. Operation strategy: Short gold rebounds around 3350, stop loss 3360, profit range 3320-3310. Go long gold falls back to around 3295, stop loss 3285, profit range 3330-3340. The market conditions are often not what we ideally want. This is the market, and it is also a form of trading practice.
FOREXCOM:XAUUSD
by Quaid_1
Gold is under pressure. Will the trend change?Information summary: The easing of tensions in the Middle East is the main reason for the suppression of gold. Risk aversion has weakened, and the market has entered a risk-taking mode. Gold prices are well supported near $3,300. Powell released an important signal: The market expected Powell to strongly refute the possibility of a rate cut, but he remained on the sidelines. The market still generally believes that the July 29-30 meeting is unlikely to initiate a rate cut, and the first rate cut is expected to be in September. Market analysis: Gold has fallen for seven consecutive weeks, which has changed the current bull structure in stages, so there is no doubt that gold is expected to fall back as a whole. The early decline was near 3355, which is the current long-short watershed of gold. As long as the adjustment does not break through the 3355 position, the overall short-term adjustment pattern of gold will not change. The early Asian market did not continue to retreat, but the short-term rebound had a long buying force accumulation, but as long as it did not break through 3355, the market trend was still weak, and it was adjusted by low-level shock correction. Today, there is a high probability of movement around the falling range. The short-term support below is around 3290. If this position is lost, it may touch the turning point around 3275. Operation strategy: Go long when the price falls back to around 3315, stop loss at 3305, and profit range 3345-3350.
FOREXCOM:XAUUSD
by Quaid_1
The rebound is an opportunity to short goldAfter the ceasefire agreement between Iran and Israel and Powell's hawkish remarks that strongly refuted the possibility of a rate cut, gold fell sharply and hit a low near 3295. Although gold has rebounded, it is particularly difficult during the rebound process, which shows that the bulls are not willing to attack, and the rebound is only a technical repair of the decline. Since gold fell below 3300 yesterday, the current bull structure has been changed in stages and the confidence of the bulls has been greatly weakened. As gold falls, it will be under pressure in the 3345-3355 area in the short term. Before gold breaks through this area, any rebound may give us an opportunity to short gold; in addition, after gold falls below 3300 once, in order to move downward and test support, gold has the need to retreat again. So in the next short-term trading, we can try to use the 3345-3355 area as resistance, short gold appropriately, and look to the 3315-3305 area.
OANDA:XAUUSDShort
by Steffen_Schade
Dark moment for prices. Will it fall even lower?Information summary: Due to the ceasefire in the 12-day war between Iran and Israel, market risk appetite has rebounded, demand for safe-haven assets has declined, and gold prices have plummeted. As an interest-free asset, gold prices are under pressure against the backdrop of declining risk aversion, but there is still buying support at low levels. Investors are currently focusing on the speech of Federal Reserve Chairman Jerome Powell at a hearing of the House Financial Services Committee. Powell has been cautious about whether to cut interest rates in the near future. Market analysis: The current market selling sentiment has increased significantly, and for gold, falling has become the only path. It seems that the market has lost hope in gold, and the current gold price has fallen to around 3295, then rebounded slightly, and is currently fluctuating around 3313. The break of 3300 declares that gold still has further room to fall, and from the trend point of view, it is likely to continue to fall. The current trend shows that the important support is around 3285. It is possible that it will fall directly to the current position. The Fed is still speaking, and it is unpredictable whether it will cause drastic fluctuations in gold in the future. However, from today's trend, shorting is the best solution at present, and the upper resistance position is in the range of 3315-3325. Operation strategy: Short around 3320, stop loss 3330, profit range 3290-3285.
FOREXCOM:XAUUSDShort
by Quaid_1
Buy gold first, and short on gold after filling the gapGold is currently continuing to retreat, and the lowest has reached around 3333. Gold is quite weak, and the bears have completely taken the upper hand. The overall center of gravity of gold is shifting downward, and the short-term support below is 3330-3325. Once gold falls below this support area, gold may continue to fall to 3300, or even 3280; since gold has fallen to the 3340-3330 area, we cannot rush to short gold in the operation, because there is a technical gap above that needs to be filled, so gold still has a rebound to 3360-3370 in the short term. Therefore, before gold falls below the short-term support of 3300-3325, we can appropriately consider going long on gold; after gold rebounds technically and fills the gap above, we can consider continuing to try to short gold in the 3360-3370 area.
OANDA:XAUUSDShort
by Steffen_Schade
Gold continues to decline, can it still change the trend?Information summary: Will the Fed cut interest rates in July? The latest statements of Fed officials have released a heavy signal. Fed Governor Michelle Bowman said that as long as inflationary pressures remain moderate, she will support a rate cut at the next policy meeting in July. At the same time, Trump has continued to put pressure on the Fed. Next, investors need to pay attention to the testimony of Fed Chairman Powell on the semi-annual monetary policy report to the House Financial Services Committee today. Market analysis: Gold fell sharply today, directly breaking the key support level of 3350. From a 4-hour perspective, the MA moving average shows a short trend arrangement, and the MA5\10 moving average crosses the MA20/30 long-term moving average downward, which indicates that the short force is dominant. In addition, the RSI indicator also fell rapidly and entered the oversold area, but this may also suggest that prices have a rebound trend in the short term. I think the current market price decline trend is more obvious, unless there is significant positive data, the gold price may continue to decline.
FOREXCOM:XAUUSDShort
by Quaid_1
Israel and Iran have a truce. Gold fluctuates sharply.Information summary: Trump said on Truth Social that Israel and Iran have fully agreed and there will be a complete and thorough ceasefire. (About 6 hours from now, when Israel and Iran have finished and completed the last mission they are doing!). After 12 hours, the war will be considered over. Iran will start a ceasefire first, and after the 12th hour, Israel will start a ceasefire, and 24 hours later, the world will salute the official end of this 12-day war. Senior Iranian officials have confirmed that Tehran has agreed to a US-proposed ceasefire with Israel brokered by Qatar. Market analysis: From the current point of view of gold, the news market has been digested in the early Asian market, and gold has also fallen to around 3330. Now it is obvious that there may be a bottoming rebound. But from the trend point of view, gold is still in the short position, and 3380 and 3400 have not been stabilized. Judging from the current hourly chart, gold is likely to rebound to 3370-3380. Then it will quickly fall from this position to the early trading low of 3330. At the same time, we can also see that the trend near 3378 is at the Fibonacci 0.382 position. Moreover, the previous trend also rebounded from 3330 to 3380, and then fell back again. So we need to be patient and wait for the price to rebound before going short. Of course, we can also choose an aggressive long strategy. Of course, we can also choose an aggressive long strategy. Operation strategy: Short near 3380, stop loss 3390, profit range 3350-3330. Long near 3345, stop loss 3335, profit range 3370-3380.
FOREXCOM:XAUUSD
by Quaid_1
Gold is moving upward. Testing the ultimate pressure.Gold opened high at around 3397 and then quickly retreated. After hitting the lowest point of around 3346 in the European session, it continued to rebound. It fluctuated in a large range around 3360-80 many times, which also added a lot of confusion to the market. After retreating to around 3355 again, it continued to move upward, reaching a high of around 3389. At present, the market still has upward momentum, and the key pressure above is maintained at 3400, which is also the previous high point and the last line of defense for the bears. If this position continues to be broken, the bulls may continue to move upward without resistance in the later period, with the target price around 3430-3450. The key support below is still maintained in the range of 3355-3340. Judging from the current market, the short-term fluctuations may continue to expand, and the ultimate target above is maintained at around 3400. This position is likely to be broken, but the probability of continuing to rise is small. The current bulls may still be in a form of enticing more. Operation strategy: Short near 3395, stop loss 3410, profit near 3375. If it continues to break below 3370, it will be seen around 3340. If it breaks through the extreme pressure level of 3400, we need to consider stopping the loss in time. .
FOREXCOM:XAUUSD
by Quaid_1
Perhaps 3300 or even 3280 is foreseeable!Obviously, gold is currently fluctuating downward, and in the short term, there is a certain support in the 3340-3330 area, so gold will not fall below this support area in one fell swoop, and it is still possible to rebound to the 3360-3370 area with the support of this area. If gold encounters resistance and retreats again after touching the 3360-3370 area, if there is no major good news, gold is likely to fall below the 3340-3330 area. After gold falls below this support area, the 3300 and 3280 areas are foreseeable. So according to the above logic, I still hold a long position executed near 3345, and I am very much looking forward to gold reaching the 3360-3365 area; If gold continues to rebound to the 3365-3375 area, I will try to short gold again; and look forward to the accelerated downward movement of gold! The above is a preview of the performance of gold. There may be some deviations in the specific execution of transactions, because in short-term transactions, it is necessary to judge the true breakthrough and false breakthrough in advance, but I will still roughly follow the above preview process to execute the transaction! I also hope that this can provide some reference for everyone!
OANDA:XAUUSDShort
by Steffen_Schade
Data is stable. Will the price go down?Information summary: The Fed kept the benchmark interest rate unchanged at 4.25%-4.50%, and did not make a rate cut decision for four consecutive meetings, which was in line with market expectations. The Fed said that uncertainty about the outlook has eased, but it is still at a high level. The Fed lowered its GDP forecast for 2025 to 1.4%, while raising its inflation forecast to 3%. The Fed kept interest rates unchanged, which may suggest that the pace of future rate cuts will slow down. Market analysis: From the current 4-hour chart: The price has fallen below the key support level of 3380. If it returns to below 3370 again, it is very likely to reach today's low. The low point of the downward trend is at the extreme position of 3350-3330. From the hourly chart, the downward range has also been broken. The early rebound in the Asian market also failed to stabilize above the support level. Then from the hourly Fibonacci, the 0.382 position below is around 3350. Therefore, if it goes down, the first target is also around 3350. Operation strategy: Short around 3380, stop loss at 3390, profit range 3350-3330.
FOREXCOM:XAUUSDShort
by Quaid_1
Data is about to be released. Will it affect the trend of gold?Information summary: The Federal Reserve is about to announce the latest interest rate decision, and the market generally expects it to maintain the policy interest rate range of 4.25%-4.50% unchanged. Trump recently asked the Federal Reserve to cut interest rates by one percentage point immediately. However, the market reacted cautiously to this, believing that a sharp interest rate cut may increase inflation risks, especially in the context of Middle East conflicts pushing up oil prices. Fed Chairman Powell's statement at the press conference will become the focus of market attention. The market expects the Fed to maintain a "cautious and patient" tone, and the guidance on the interest rate outlook may be vague. Market analysis: Technical indicators, from the daily chart, the support level is near the 10-day moving average and the 20-day moving average, and the 3365-3345 range forms an important support. In terms of resistance, yesterday's high near 3405 constitutes a key resistance above. If the price wants to reverse the current weak pattern, it needs to break through this resistance level strongly to open up the upward space. From the 1-hour chart, the price started to fall after reaching a high point, and maintained stability in the upper and lower ranges; it is now close to the low point in the early trading, and the trend is relatively slow. In the absence of an upward or downward breakthrough, we still follow the strategy of selling high and buying low. Short around 3400, stop loss 3410, profit range 3380-3365; Long around 3365 when the price falls back, stop loss 3355, profit range 3380-3400.
FOREXCOM:XAUUSD
by Quaid_1
Gold fluctuates under pressure. Can it break out?Information summary: The conflict between Iran and Israel has entered the fifth day, Tel Aviv air raid alarms are frequent, and the fire of oil tankers in the Strait of Hormuz has exacerbated the panic of energy transportation, and safe-haven buying supports gold prices; Trump's contradictory statement of "peace talks + toughness" has exacerbated the market's differences on the direction of the conflict, and risk aversion has fluctuated repeatedly. In the early Asian session, spot gold fluctuated narrowly at $3,375, continuing the stalemate under the geopolitical conflict and the game of the US dollar. As the "king of safe havens", gold has recently bottomed out and rebounded based on the tension in the Middle East, and the current price fluctuates around 3,395. Market analysis: The four-hour chart shows that the moving average is sticking to wait for a breakthrough in the direction, and the short-term moving average is sticking to $3,380. The RSI indicator fluctuates around 50, suggesting that a breakthrough will be ushered in after a narrow consolidation; the lower rail support of the rising channel moves up to $3,370, and if it fails, it may test $3,350. At present, the price is repeatedly testing the resistance position of 3400. If the price stands above this position, it may continue to rise to around 3430. If it breaks the support of 3370 US dollars, it will look to 3360 US dollars. Operation strategy: Short near 3400, stop loss 3410, profit range 3370-3365. If the price falls back to around 3370, you can try to go long, and the profit point is around 3390.
FOREXCOM:XAUUSD
by Quaid_1
Gold continues to fall. Will there be a lower point?Gold is still under pressure at the integer mark of 3400. During the US trading session, the lowest point reached around 3366. For the current trend, it fell below the short-term support area of ​​3375, so the market has the possibility of further downward movement to test the support of 3350. Today, Iran launched missiles again, but there was no threat to Israel at all, and all the missiles were intercepted. Under the current trend of further decline, the support position that needs to be paid attention to is 3350. At this position, you can try a long strategy, and the early support point of 3400 above has turned into an upward pressure point. Short-term operation strategy: Buy near 3350, stop loss 3340, profit range 3380-3390. Above, you need to pay attention to the important pressure level of 3390-3400. The market changes violently, and you can take profits at the right position. Avoid rapid changes in market conditions and losses.
FOREXCOM:XAUUSDShort
by Quaid_1
Short gold, it needs to retreat to the area around 3350!Gold is currently testing the support near 3380 again. According to the current trend of gold, gold is likely to break through 3380, and gold has stopped near 3400 many times during the rebound process, and the rebound strength of gold is lacking. If gold really wants to rebound, then after testing near 3380 many times and getting support at 3390, it should have rebounded to the 3410-3420 area, but it is obvious that gold has not yet touched the 3410-3420 area. Therefore, gold's performance is relatively weak and its correction trend should continue for now. In terms of fundamentals, Iran is not decisive in its retaliatory behavior, so if the conflict in the Middle East does not escalate, gold may find it difficult to continue to rise. So according to the current trend and performance of gold, we should not be stubborn in long gold trading for the time being, and adjust our trading plan reasonably according to the market and price behavior. If gold continues to retreat, the first thing we need to pay attention to below is the 3355-3345 area, followed by the area near 3330. So for the next short-term trading, we can try to short gold in the 3395-3405 area.
OANDA:XAUUSDShort
by Steffen_Schade
Citigroup predicts a decline in gold prices? Blacklisted?Information summary: Citigroup analysts predict that by the second half of 2026, gold will fall back to around $2,500-2,700, with a significant reduction in investment demand, improved global economic growth prospects, and a decline in the factors that led to the rise in gold prices due to the Fed's interest rate cut. My point of view is: blacklist Citigroup. Since last year, they have predicted that the highest point of gold prices will exceed $4,000, and they have constantly changed the forecast point in the middle, and now they even point out that the price will fall below $3,000, which is completely unreliable. Market analysis: In the early Asian session, it also rose strongly, and it seems that there is a lot of upward momentum, but $3,405 is the pressure position for the top and bottom conversion, and the rise in the morning is a lure. At this position, it fell rapidly, reaching a minimum of around $3,373. The Asian market seemed to rebound strongly in the morning, but the MA5 and MA10 moving averages showed a downward trend. This kind of market cannot wait for a decline to go long, but it is also a repeated wash-out shock. The first focus below is the 3375-3370 area, followed by 3360. The short-term trend is still dominated by wash-out shocks. The short-term important focus position is around 3405. 3405 is used as the dividing point between long and short positions. A short-selling strategy is carried out near this position. Pay attention to the 3375-3360 area below.
FOREXCOM:XAUUSDShort
by Quaid_1
Gold is expected to hit 3410-3420 againBecause of the news that Iran hopes to ease the hostile relationship with Israel, gold fell sharply in the short term, then rebounded after touching 3383, and quickly recovered above 3390. From this point of view, the buying support below is strong, and the market sentiment is still high, which limits the downside of gold, and the support of 3390-3380 area is still valid. Although the bullish momentum of gold has weakened relatively due to the retracement in the short term, as long as gold remains above 3380, it still maintains a strong upward structure; and the retracement only exacerbates the short-term shock trend. Gold is still likely to maintain a shock upward structure and try to touch the 3410-3420 area again. Once gold breaks through 3420 strongly, it is expected to hit the area near 3450 again. So for short-term trading, I still hold a long position in gold, and there is still a certain profit now. I have to say that if gold can reach the 3410-3420 area as expected, our profits will increase significantly!
OANDA:XAUUSDLong
by Steffen_Schade
Middle East tensions ease? Prices fall?Information summary: Iran sent a peace signal to the United States and Israel through Arab intermediaries - requiring the United States not to carry out air strikes as a prerequisite for restarting nuclear negotiations, and emphasizing to Israel that controlling violence is in the common interest. Under the influence of this news, gold turned downward several times, reaching a low of $3,383, and then rebounded slightly. The current price fluctuates slightly above $3,400. Market analysis: Technical analysis shows that the current price has broken through the key resistance area of ​​the previous high and the middle track resonance. The 4-hour chart continues to be bullish under the support of the middle track, and the short-term sideways adjustment is a normal accumulation of upward momentum. If the integer mark of $3,400 can be maintained, the hourly chart is expected to continue the upward trend after a narrow range of fluctuations, and accelerate to a new high after breaking through; on the contrary, if this position is lost, it is necessary to be vigilant about the risk of trend reversal. The geopolitical crisis continues to ferment, injecting medium- and long-term safe-haven demand into gold. Combined with the strong closing pattern at the weekly level, the core operation strategy should be to buy on the pullback, focusing on the 3400-line long-short dividing line. At present, the price can be arranged for long orders, and the target will be the previous high point after breaking through 3415, but the risk of falling back from the high point must be strictly prevented. Good luck to everyone in the new week.
FOREXCOM:XAUUSD
by Quaid_1
Gold bulls may restart at any time, buy gold!Although compared with the performance of gold during the day, gold only touched 3452 and then began to retreat, and even failed to approach the previous high of 3500, gold is not strong; but based on the current fundamentals and technical structure, gold is currently in a very strong bullish structure; so I think the gold retracement is not a sign of gold weakness, but to increase liquidity, so that gold can rise better and prepare in advance for breaking through 3500! Gold bulls are ready to restart at any time after the retracement! So for short-term trading, I don’t think the gold retracement is a reason for weakness, nor is it a certificate for chasing short gold; on the contrary, I think the gold retracement is a good time to buy on dips; first of all, the support area we have to pay attention to is the 3410-3400 area, and the second must pay attention to the 3390-3380 area support. So in the next transaction, we might as well use these two support areas as defense and start to go long on gold in batches!
OANDA:XAUUSDLong
by Steffen_Schade
Gold, continued to rise after a pullback 📌 Driving events Israel and Iran launched a new round of attacks on each other on Sunday (June 15), exacerbating market concerns that the escalation of the war could trigger a wider regional conflict, and gold continued to receive support from safe-haven buying. (The author believes that according to media reports, Iranian leaders have shown a tougher attitude, and Iran cannot be ruled out to give Israel a strong counterattack, so the geopolitical situation in the Middle East may escalate in the next few days, and gold as a safe-haven asset will shine even brighter. Kremlin: (On Putin's possible mediation of the Israeli-Iranian conflict) Russia is ready to intervene at any time if necessary. (The author hopes that the two countries will be reconciled as soon as possible) 📊Comment Analysis 1-hour chart: The rising channel breaks down, and short-term shorting is at 3442. 💰Strategy Package Today's US market plans to sell high and buy low in the 3408-3452 range. If the range breaks, follow the trend, strictly lighten the position and set a good stop loss. ⭐️ Note: I hope traders can properly manage their funds - Choose the number of lots that matches your funds I hope everyone will set rules, control emotions, and take a long-term view, and slowly get rid of the control of desire, be at ease in the trading market, find their own way to make money, and truly enjoy the fun and rewards brought by trading.
OANDA:XAUUSDLong
by labaronAA
The international situation is bad. Gold fell back.Information summary: Latest news: Israeli fighter jets "flew freely" over Tehran, and Iran lost air supremacy over the entire west. Israel's goal turned to a wider range of Iranian military and infrastructure. Iran's counterattack, Tel Aviv, Haifa and other Israeli cities are being attacked by Iranian missiles. Both sides are currently suffering heavy losses. But the price of gold fell back at this time; I think the biggest reason is that this week, the global "super central bank week" is about to hit, the market will usher in a very critical Federal Reserve interest rate decision, and central banks such as Japan, Switzerland and the United Kingdom will also hold monetary policy meetings one after another, and investors are on high alert. Under the influence of multiple conditions, the price of gold has a technical correction. Technical analysis: From a technical point of view, the impact of the conflict in the Middle East did not directly push up prices, but instead rushed up and fell back, which shows that the market has great pressure on the upward trend. Therefore, for the upward trend, it is necessary to be relatively conservative. From the position point of view, the support below is around 3410. From a trading perspective, most traders are waiting for the release of some data, which will change the overall trend of gold. However, according to the latest analysis of 14 Wall Street analysts, 10 analysts expect prices to continue to rise. So I guess that this time the gold price pullback is accumulating energy for upward movement. At present, the price has started to rise after falling back to around 3410. The point of this pullback rebound is expected to stop around 3440, and then start to fluctuate at a high level. If the price breaks through 3440 strongly and stabilizes above this position, the price may hit the upward pressure level of 3455 again.
FOREXCOM:XAUUSDLong
by Quaid_1
Gold Regains Bullish MomentumGold Regains Bullish Momentum Gold price started a fresh surge above the $3,375 resistance level. Important Takeaways for Gold Price Analysis Today - Gold price started a fresh surge and traded above $3,420 against the US Dollar. - A key bullish trend line is forming with support at $3,415 on the hourly chart of gold at FXOpen. Gold Price Technical Analysis On the hourly chart of Gold at FXOpen, the price formed a base near the $3,300 zone. The price started a steady increase above the $3,350 and $3,375 resistance levels. There was a decent move above the 50-hour simple moving average and $3,400. The bulls pushed the price above the $3,420 resistance zone. A high was formed near $3,450 and the price is now consolidating gains. On the downside, immediate support is near the $3,415 level and the 23.6% Fib retracement level of the upward move from the $3,301 swing low to the $3,451 high. Besides, there is a key bullish trend line forming with support at $3,415. The next major support sits at $3,375 and the 50% Fib retracement level of the upward move from the $3,301 swing low to the $3,451 high. A downside break below the $3,375 support might send the price toward the $3,335 support. Any more losses might send the price toward the $3,300 support zone. Immediate resistance is near the $3,450 level. The next major resistance is near the $3,460 level. An upside break above the $3,460 resistance could send Gold price toward $3,480. Any more gains may perhaps set the pace for an increase toward the $3,500 level. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XAUUSD
by FXOpen