Gold Technical Analysis XAUUSD: Gold prices witnessed clear upward movements today after the release of US data showing stable inflation indicators, which led to a slight decline in US bond yields and negative pressure on the dollar, supporting gold to rebound from key support levels.
Gold opened today’s trading at $3,122.89 per ounce, rising to a high of $3,136.51, while recording a session low of $3,119.23. It is currently trading near $3,124.72, maintaining its upward momentum after breaching several important resistance levels.
Gold Technical Analysis XAUUSD: Technical Analysis for Gold H1
General Trend: Strong Upward Movement after Breaking Key Resistance Levels
The chart shows a clear break of the resistance level at $3,106, which has now become important support. The price is trading above the moving averages, reflecting continued positivity in the short term. • MACD: Showing a positive crossover above the zero line, with a gradual increase in positive momentum.
- Stochastic Oscillator: Moving in an upward direction near the overbought zone, indicating a potential continuation of the rise, but with the possibility of minor corrections.
- Moving Averages: Clear bullish crossovers, with the price remaining above all technical averages (EMA 20, 50, and 100).
Trading Outlook
- Positive Scenario: A break above 3132.97 and stability above it could push gold towards the resistance level of 3147.95 and then 3154.25, especially if the US dollar continues to weaken.
- Negative Scenario: If the price fails to surpass 3132.97, it may see a correction towards the 3106.17 and then 3095.14 area, where there is a strong support base.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3132.97 | 3106.17 |
| Target Point 1 (TP1) | First resistance: 3147.95 | First support: 3095.14 |
| Target Point 2 (TP2) | Second resistance: 3154.25 | Second support: 3090.52 |
| Stop Loss (SL) | 3106.17 | 3132.97 |
Gold’s current movements reflect a clear appetite for risk amid fading expectations of a US interest rate hike in the short term. Technical indicators show a continued upward trend in the short term. Therefore, traders are advised to focus their strategies on buying opportunities while monitoring upcoming US economic data developments.
