Gold benefited during the week from a relatively weak US dollar and ongoing geopolitical tensions in Europe, which strengthened gold’s appeal as a safe haven.
US inflation data, which came in line with expectations, reduced the likelihood of an interest rate hike, supporting gold’s rise. However, momentum has begun to decline as markets await new catalysts, such as statements from Federal Reserve members or US retail sales data.
Technical Indicator Analysis
Moving Averages
Price is above the 50, 100, and 200 moving averages.
Ascending order of the moving averages supports trend continuation.
MACD
Positive momentum has begun to decline.
No current bearish signals, but strength has weakened
Stochastic
In the middle of the range, slanting downwards.
May indicate a limited technical pullback before any strong movement
Possible Scenarios
Bullish Scenario
A break of 3245 will trigger an upward wave towards 3255 and then 3270.
Provided that the support at 3214 holds
Bearish Scenario
If 3214 is broken, the price may head towards 3204 and then 3185.
A break of 3204 with a clear close weakens the bullish outlook.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | XAU/USD |
| 3234.94 | 3214.43 | Entry point |
| First resistance 3245.19 : | First support: 3204.18 | Target Point 1 (TP1) |
| Second resistance 3239.17 | Second support 3200.10 | Target Point 2 (TP2) |
| 3214.43 | 3234.94 | Stop Loss (SL) |
Gold is currently in a horizontal consolidation phase above pivotal support, preparing for a strong upcoming move.
As long as the price remains above 3214, the chances of a rise towards 3255 are present, especially if it is breached with a clear close.
We recommend waiting and buying after a breakout of 3245 or a strong rebound from 3214, with a stop loss set below 3204
