Gold continues its strong performance this week, with successive gains supported by declining US bond yields and the resurgence of concerns about a global economic slowdown. The XAU/USD chart on the H1 timeframe reflects clear bullish momentum, amidst a breakout of important resistance levels.
Current Price and Market Trend
- Current Price: $3,387.67 per ounce
- Overall Trend: Strongly Bullish
- Intraday Range: $3,318 – $3,435
A clear breakout of the $3,367 resistance level
Upward momentum supported by indicators
Systematic technical movement with each pullback met with strong buying
Technical Analysis of Gold (XAU/USD)
General Trend:
Gold is moving within a clear ascending channel, with all indicators pointing to continued buying power, driven by repeated technical breaks of resistance levels and subsequent confirmation as support. Technical Indicators:
- MACD: Clearly bullish, showing broad positive momentum.
- Stochastic Oscillator: In overbought areas (>90), which may indicate a potential slowdown before the upward trend resumes.
- Moving Averages: The price is above all moving averages (20, 50, 200), supporting a steady continuation of the upward trend.
Technical Outlook for Today’s Trading
Gold is likely to continue its upward trend as long as it maintains a close above 3,348. If 3,406 is breached, the path will be open towards 3,435, a potential target in the coming days.
Positive Scenario: Targeting 3,406 and then 3,435, provided it holds above 3,367.
Alternative Scenario: A technical correction towards 3,348–3,318 before any new upward attempt.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3406.68 | 3342.78 |
| Target Point 1 (TP1) | First resistance: 3435.53 | First support: 3318.05 |
| Target Point 2 (TP2) | Second resistance: 3442.74 | Second support: 3313.41 |
| Stop Loss (SL) | 3342.78 | 3406.68 |
The current technical chart for the XAU/USD pair reflects clear buying power and strong price stability, making any pullback an opportunity to build new buying positions, provided the 3,318 level is not breached.
Traders are advised to be cautious of overbought conditions in the immediate term, but the overall trend remains clearly positive.
