XAU/USD: Charting the Bullish Path - Support Levels And More..
Technical Analysis:
Price: XAU/USD is currently trading at 2038, hovering near the strong support zone of 2033-2034. This level has consistently held up against downward pressure, indicating potential bullish bias.
Indicators:
RSI: 45.75 (neutral zone), showing a slight uptick from recent lows, potentially suggesting a shift towards bullish momentum.
Stochastic Oscillator: 38.88 (oversold zone), indicating potential for a price rebound
MACD: Histogram turning positive, suggesting a potential bullish crossover soon.
Fibonacci Levels: The 50% retracement level (2032-34) and the 61.8% retracement level (2029-28) act as immediate support levels.
• Entry & Stop-Loss:
Entry: Considering the bullish technical and fundamental outlook, a potential entry point could be around the current price of 2032-33 aiming for the initial upside targets of 2040-2042.
Stop-loss: A stop-loss order could be placed slightly below the strong support zone at 2030 to limit potential losses in case of a bearish reversal.
Adjust your entry and stop-loss levels based on market volatility and risk tolerance.
Price: XAU/USD is currently trading at 2038, hovering near the strong support zone of 2033-2034. This level has consistently held up against downward pressure, indicating potential bullish bias.
Indicators:
RSI: 45.75 (neutral zone), showing a slight uptick from recent lows, potentially suggesting a shift towards bullish momentum.
Stochastic Oscillator: 38.88 (oversold zone), indicating potential for a price rebound
MACD: Histogram turning positive, suggesting a potential bullish crossover soon.
Fibonacci Levels: The 50% retracement level (2032-34) and the 61.8% retracement level (2029-28) act as immediate support levels.
• Entry & Stop-Loss:
Entry: Considering the bullish technical and fundamental outlook, a potential entry point could be around the current price of 2032-33 aiming for the initial upside targets of 2040-2042.
Stop-loss: A stop-loss order could be placed slightly below the strong support zone at 2030 to limit potential losses in case of a bearish reversal.
Adjust your entry and stop-loss levels based on market volatility and risk tolerance.