Weekly Forex Forecast – GOLD (XAU/USD)
Gold (XAUUSD) Technical Analysis
Using the 1-day timeframe, it is imperative to note that the price of gold rebounded slightly from a significant level last Friday, yet it failed to hit its 50-day moving average of $1,945. It is crucial to keep a keen eye on this level as it now acts as a primary barrier. This area also serves as the previously broken support, which has the potential of becoming a resistance. Failure to surpass this level may result in the bears taking control of the market, causing a retest of support between $1,930 to $1925. Furthermore, in case the market weakens further, there is a possibility of prices reaching the next major support between 1906 and 1896.
However, if XAU/USD manages to break through its 50-day SMA, it could create bullish momentum, leading to an attack on the $1954 area and then $1972. Therefore, it is crucial to closely monitor these trends.
Using the 1-day timeframe, it is imperative to note that the price of gold rebounded slightly from a significant level last Friday, yet it failed to hit its 50-day moving average of $1,945. It is crucial to keep a keen eye on this level as it now acts as a primary barrier. This area also serves as the previously broken support, which has the potential of becoming a resistance. Failure to surpass this level may result in the bears taking control of the market, causing a retest of support between $1,930 to $1925. Furthermore, in case the market weakens further, there is a possibility of prices reaching the next major support between 1906 and 1896.
However, if XAU/USD manages to break through its 50-day SMA, it could create bullish momentum, leading to an attack on the $1954 area and then $1972. Therefore, it is crucial to closely monitor these trends.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.