Technical analysis of XAUUSD today. Gold continues to attract the attention of traders during the New York session, amid increased demand for safe havens and rising global tensions, which is reflected in gold’s movements above $3,380. Upward momentum remains evident, but volatility suggests the possibility of short-term corrections before the general trend continues.
Technical analysis of XAUUSD today: Gold Technical Overview
On the H1 timeframe, gold is showing a strong uptrend, clearly supported by the short- and medium-term moving averages (20 and 50), which are moving above the 200 average, reinforcing the buying scenario. The break above the $3,372 area previously reinforced the buying momentum, but the price is currently facing strong resistance near $3,395-$3,400.
Technical Indicator Analysis
- MACD: Upward momentum is beginning to weaken, with the two lines approaching a potential negative crossover, which requires close monitoring.
- Stochastic: It has begun to decline from overbought areas (above 80), indicating a possible temporary correction.
- Moving Averages: The price remains above its moving averages, maintaining a positive overall trend.
Expected Scenarios for Gold
Bullish Scenario
If the price succeeds in stabilizing above $3383.00, we may see an attempt to break the resistance at $3395.70 and then head to 3412.75 as the next target. These levels represent a sensitive psychological range for buyers during the US session.
Bearish Scenario
If the price fails to maintain 3383, we may see a decline towards 3371.07. If this support is broken, the decline may extend to the $3358.00 area, which constitutes an important corrective bottom that may attract buyers.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | XAU/USD |
| 3397.59 | 3378.65 | Entry point |
| First resistance: 3414.65 | First support: 3364.44 | Target Point 1 (TP1) |
| Second resistance: 3424.00 | Second support 3454.00 | Target Point 2 (TP2) |
| 3378.65 | 3397.59 | Stop Loss (SL) |
Gold continues to maintain its technical strength above $3370, supported by the geopolitical situation and the lack of confidence in the dollar in the short term. With indicators remaining in positive territory, there is a chance of a return to testing $3400, but any weakening of the upward momentum could push the price into a limited correction before resuming the upward movement. Traders are advised to closely monitor the 3383 and 3371 levels during the US session
Impactful Economic Data This Week:
- The US Producer Price Index (PPI) will be released later this week and could have a significant impact on interest rate expectations, the dollar, and, consequently, gold.
- US unemployment claims, scheduled for Thursday, are also an important factor in determining market direction.
Friday: US Nonfarm Payrolls (NFP) report – data that will strongly influence the dollar’s movement and, consequently, gold.
Federal Reserve members’ statements this week may strengthen or weaken interest rate cut expectations, which will have a direct impact on gold.
