FX.co ★ Fxcaptain | XAU/USD, GOLD

T E C H N I C A L _ A N A L Y S I S X A U / U S D Today, I will be discussing the current price behavior of the XAU/USD market in my article. The price of XAU/USD is stable around the level of 2639.27 dollars at the time of writing the analysis. Generally, the chart created a strong bullish signal for the traders. Overall, the market is under the buyer's control, and they aim to keep pressuring the sellers. The USD index continues the bearish trend except Tuesday. The USD index is testing the 108.90 level of support right now. It could rise if the USD index moves downwards. Momentum indicators at this time indicate that bullish forces are in charge. In particular, The Relative Strength Index (RSI) is rising but is still clearly over the 70-point line. At the same time, the Moving average convergence divergence (MACD) has already begun to rise toward the top level on the chart, and we may make another entry here today. The market and our resistance levels are currently above the 20-day and 50-day moving averages.

In this time frame, near-term resistance at 2782.07 could act as the first line of defense. I anticipate that the XAU/USD market price will rise and test the 2800 region which is the 2nd level of resistance. If the current position continues to up movements, then it can reach and test the upper 2835.87 resistance sector . On the other hand, in this time frame, near-term support at 2530.41 could act as the first line of defense. I anticipate that the XAU/USD market price will decline and test the 2293.56 region which is the 2nd level of support. If the current position continues to the down movements, then it can reach and test the lower 1627.41 support sector . In summary, wait for the potential buying opportunities in XAU/USD. Follow the above trading strategies in XAU/USD. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: