Welcome again dear traders, now we come with XAUUSD (gold) Technical Analysis. Let’s go ahead and dive into the analysis without further delay.
XAUUSD Technical Analysis by Guriforex | XAUUSD Market Outlook:
The XAUUSD pair is currently trading within a descending triangle pattern, a bearish chart formation. This pattern suggests potential downward movement unless a significant breakout occurs. Recently, the price rebounded from the upper border of the triangle, indicating that resistance is holding firm. Additionally, the 50-day moving average (50-MA) is providing an extra layer of resistance, reinforcing the bearish outlook.
Key Levels to Watch in XAUUSD Technical Analysis:
🔼 Bullish Scenario: If the price manages to break above the critical resistance level at 2345, it could signal a bullish reversal. A sustained move above this level would likely pave the way for further gains, with the next target being the 2360 resistance level. This breakout could attract buyers, pushing the price higher as market sentiment shifts.
🔽 Bearish Scenario: On the other hand, if the price fails to break above the upper border of the descending triangle and instead rebounds downward, it could trigger a decline. The immediate support level to watch in this scenario is 2330. A move below this level could lead to further selling pressure, potentially pushing the price even lower.
Trading Strategy:
For traders looking to capitalize on these movements, it is crucial to monitor these key levels closely. A break above 2345 may present a buying opportunity with a target of 2360, while a rebound from the upper border of the triangle could be a signal to sell, aiming for a drop to 2330.
Engage with Us:
If you’re trading XAUUSD today, don’t forget to share your thoughts and strategies with us in the comments. Stay updated with the latest market trends and make informed trading decisions.
Remember, successful trading involves careful analysis and risk management. Keep an eye on these pivotal levels and adjust your strategy accordingly. Happy trading!