Happy Friday, dear traders! Welcome! We have come with the world’s most popular trading pair: Gold. Let’s dive into the analysis without delay.
GOLD (XAUUSD) Price Update – Trendline Retest | Gold Technical Analysis by Guriforex
Gold (XAUUSD) has been on a strong bullish run, but the price action suggests that a key moment is approaching. The price is currently testing a major trendline support around $2918 – $2920, and traders are closely watching for a breakout or a bounce.
If buyers defend this level, we could see another upward push. However, if xauusd breaks below this key support, a strong bearish move may be in play, leading to further downside toward the $2880 target.
📊 GOLD Trade Setup & Market Analysis
🔽 Sell XAUUSD IF it breaks below $2920
🎯 Target Profit (TP): $2880
🛑 Stop Loss (SL): $2938
🔎 XAUUSD Technical Overview
- XAUUSD has maintained an uptrend, supported by a rising trendline.
- The $2920 level is critical – a break below may confirm a bearish reversal.
- Resistance remains near $2938, where sellers could step in.
- If the trendline holds, buyers may attempt to push gold back up, but caution is advised.
🌍 Market Sentiment & Global Factors
💰 US Dollar & Federal Reserve Policy:
- The US Dollar (DXY) remains strong, fueled by expectations of a higher-for-longer interest rate stance from the Federal Reserve.
- Higher interest rates tend to weaken XAUUSD, as they make non-yielding assets like gold less attractive.
Stock Market Volatility:
- Investors are monitoring global economic data and geopolitical tensions, which could drive safe-haven demand.
- If risk appetite declines, XAUUSD may find support; otherwise, further downside is possible.
📊 Inflation & Bond Yields:
- Higher US Treasury yields are putting pressure on gold.
- Any surprises in upcoming inflation reports could lead to sharp moves in XAUUSD prices.
📉 Bearish Scenario – Key Levels to Watch
Break below $2920 = SELL opportunity
$2938 remains strong resistance
Downside target: $2880
🔥 What’s your GOLD outlook?
If you trade XAUUSD, hit the 👍 & share your thoughts below! 🚀