Gold prices have witnessed a strong rise in recent sessions, as the price managed to break through key resistance levels, supported by strong buying momentum. However, we note some slowdown in the upward trend near current resistance areas, which may indicate a potential price correction before the uptrend resumes.
Gold Technical Report (XAU/USD) : Market Overview
Overall Trend: Steadily bullish, but there are signs of a possible temporary correction.
Important Resistance Levels: 3148 – 3165, which constitute potential selling zones.
Strong Support Levels: 3129 – 3117, which could represent rebound zones in the event of a correction.
Fundamentals: Strong demand for gold is supported by a weak US dollar and economic tensions.
Technical Indicators Analysis
Moving Averages
Short-term averages (50 and 100) are skewed upward, confirming the continuation of the positive trend.
The 200-day moving average (dashed red) provides dynamic support at lower levels.
MACD Indicator
Despite the previous upward momentum, we note a slowdown in the upward trend as the price approaches strong resistance levels.
Stochastic Indicator
has begun to decline from the overbought zone, which may indicate a potential correction before the rally resumes.
Possible Scenarios
Bullish Scenario
- Continued trading above 3129 could push gold to test 3148 and then 3165.
- A break of 3165 could open the way for new highs towards 3180–3200.
Bearish Scenario
- A break of 3129 could lead to a correction towards 3117, which represents strong support.
- A break of 3117 could reinforce the decline towards 3100–3085 before a rebound.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3138.48 | 3129.25 |
| Target Point 1 (TP1) | First resistance: 3148.99 | First support: 3117.45 |
| Target Point 2 (TP2) | Second resistance: 3158.00 | Second support: 3107.40 |
| Stop Loss (SL) | 3129.25 | 3138.48 |
The market continues to provide mixed signals between bullish momentum and potential corrections, which calls for focusing on key technical levels to effectively manage risk. The overall trend remains positive as long as the price remains above important support areas, while a break above strong resistance levels will enhance the continuation of the upward trend.
The optimal trading strategy at this stage is to carefully monitor critical levels, while exploiting corrections as considered entry points.
Risk management remains the decisive factor, as a break above key support levels could change the technical outlook and impose bearish scenarios in the short term.
