XAUUSD Technical analysis Today. Gold is experiencing an active trading session today amid sharp fluctuations in the US dollar and investors’ anticipation of important economic data later this week. Current movements reflect a strong upward rebound from a pivotal support area, raising an important question: Has gold begun a new bullish wave?
XAUUSD Technical analysis Today: Technical Overview
On the hourly (H1) chart, we notice that the price broke the previous resistance level of 1306.54 and continued its strong upward movement, approaching the resistance area of 1334.74. This move is supported by strong buying momentum after breaking the consolidation zone around $1290.
Technical Indicators Analysis
- Moving Averages: Bullish crossovers between the short-term averages (EMA 9 and 21) and the medium-term average (EMA 50) confirm the short-term uptrend.
- MACD: Reflects a positive divergence with a clear expansion of the histogram above the zero line, indicating strong momentum.
- Stochastic indicator: It has entered the overbought zone (above 80), indicating a possible correction before the upward trend continues.
Bullish scenario
If the current momentum continues above 1306.54, gold may target the following levels:
- First target: 1328.20
- Second target: 1334.74
This scenario remains valid as long as the price is above 1290.98.
Bearish Scenario
If momentum is lost and the price returns below 1306.54, we may witness a bearish reversal towards:
- First Support: 1300.98
- Second Support: 1290.98
A break of this area may pave the way for further declines towards 1280.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3321.20 | 3306.54 |
| Target Point 1 (TP1) | First resistance: 3338.96 | First support: 3290.98 |
| Target Point 2 (TP2) | Second resistance: 3350.00 | Second support: 3280.00 |
| Stop Loss (SL) | 3306.54 | 3321.20 |
Gold is showing clear buying power after a successful rebound from pivotal support and a break of important technical resistance levels. With important economic data approaching this week, the next moves could be decisive in determining the overall trend. Traders are advised to wait and avoid opening large positions before the US interest rate announcement.
Impactful Economic Data This Week
- US Federal Reserve Rate Decision (FED) – Wednesday, May 7 (highly anticipated)
- Nonfarm Payrolls (NFP) – Friday, May 9
Both events could lead to significant volatility in gold due to its inverse correlation with the US dollar and yields.
