Today’s Gold Analysis Overview:
Gold's overall trend: Bearish in the medium term with a slight upward rebound in the short term.
Today's Gold Support Points: $4310 – $4245 – $4100 per ounce.
Today's Gold Resistance Points: $4425 – $4500 – $4570 per ounce.
Today's Gold Trading Signals:
Bullish Scenario: Buy gold from the support level of $4270 with a target of $4500 and a stop loss at $4200.
Bearish Scenario: Sell gold from the resistance level of $4555 with a target of $4300 and a stop loss at $4600.
Note: These recommendations are suitable for medium-to-long-term traders, provided there is strict adherence to capital and risk management
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Daily Technical Analysis of Gold/US Dollar (XAU/USD):
With the decline of the US dollar and improved investor sentiment following the announcement of an agreement between the United States and Iran, it was natural for Gold / US Dollar (XAU/USD) prices to rise. Gains reached the resistance level of $4365 per ounce, recovering from the losses of the broader bearish general trend when it tested the support level of $4024 per ounce this month. This comes amidst rising expectations of an imminent tightening of US Federal Reserve policies, as inflation levels surge due to high oil prices—a reaction to the continued closure of the Strait of Hormuz throughout the Iranian war.
According to the technical outlook, the negative bearish scenario remains the most prominent for the gold market performance on the daily timeframe. Technical indicators point to continued selling pressure over the medium term, with some signs of recovery in the short term:
The RSI indicator indicates that momentum remains below the neutral level, reflecting continued selling pressure. Moving averages are trending downwards, confirming the continued dominance of selling in the medium term. The MACD indicator shows an early positive crossover attempt, but it still needs confirmation.
Overall, momentum remains inconclusive so far, with a clear bias toward caution.
Conversely, according to the bullish scenario on the same timeframe (daily chart), buyers need to break through the psychological resistance level of $4,500 per ounce to establish a significant technical buying base.
Overall, despite the recent rebound from lows, the overall medium-term trend remains bearish, with some short-term recovery attempts.
In the coming days, the gold trading market will remain influenced by the performance of the US dollar, as markets await the reaction to the Federal Reserve's monetary policy decisions this week. This is in addition to risk appetite levels (gold being one of the most prominent safe havens) and updates on central bank gold purchase figures.
Trading Advice:
Gold investors prefer to confirm the bullish shift before making purchases, based on solid fundamentals and strict risk management, given the continued uncertainty in the markets
Ready to trade today’s Gold prediction? Here’s a list of some of the best XAU/USD brokers to check out.