XAUUSD Technical Analysis and Trading Signals for Friday by Guriforex:

⚡️ On the H2 chart, XAUUSD is currently facing a crucial resistance level at 2415, which is aligned with the 38.2% Fibonacci retracement ratio. This alignment often serves as a pivotal point in market movements, acting either as a strong barrier or a breakout catalyst.

The RSI oscillator, a key indicator of market momentum, is showing oversold conditions. This typically signals that the asset may be gearing up for a bullish reversal. However, the final direction will heavily depend on how the price action unfolds at this resistance level.

Potential Scenarios:

🔼 Bullish Scenario:

If XAUUSD rebounds from the 2415 resistance, we could witness a robust bullish push. In this case, the next target for gold could be the 2440 level. This movement would be supported by the oversold RSI conditions, suggesting a reversal is on the horizon. Traders should watch for confirmation signals, such as bullish candlestick patterns or an upward crossover in the RSI.

🔽 Bearish Scenario:

On the flip side, if XAUUSD fails to hold above the 38.2% Fibonacci level and breaches below 2415, we might see a decline toward the 2390 support level. This bearish move would indicate a continuation of the downtrend, and traders should look for confirmation signals like bearish divergence in RSI or strong bearish candlesticks.

Conclusion:

As always, trading requires a careful blend of technical analysis and market intuition. The current setup in XAUUSD presents an intriguing opportunity for both bullish and bearish plays. Stay vigilant, follow your trading plan, and adjust your strategies based on real-time market data.

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