Technical Analysis:
1. Daily Chart:
• Trend: Strong bullish trend with price making higher highs and higher lows.
• MACD: Strong bullish momentum, MACD line above the signal line.
• RSI (71.53): Overbought zone but no divergence, indicating strong bullish momentum.
2. 15-Min Chart:
• Trend: Bullish with higher highs and higher lows.
• MACD: Positive but showing signs of slowing momentum.
• RSI (64.04): Neutral to slightly overbought, room for further upside.
3. 3-Min Chart:
• Trend: Recent pullback followed by a bullish continuation.
• MACD: Slight bullish crossover.
• RSI (76.04): Overbought, indicating potential for minor pullback but still bullish.
Fundamental Analysis:
• Gold drivers:
• Market sentiment remains bullish on gold, possibly due to inflation concerns, safe-haven demand, or weakening USD.
• Without major negative catalysts, the bullish trend is likely to continue.
Trade Setup:
Given the strong bullish trend on the daily and the bullish continuation on lower timeframes, a long position offers the highest probability.
• Position: Long (Buy) XAUUSD
• Entry: 2935.00 (Wait for a slight pullback from current levels for better RRR)
• Stop Loss (SL): 2920.00 (Below recent support on M15 and psychological level)
• Take Profit (TP): 2965.00 (Recent psychological resistance and aligns with 2:1 RRR)
• Risk-Reward Ratio: 2:1
XAUUSD
1. Daily Chart:
• Trend: Strong bullish trend with price making higher highs and higher lows.
• MACD: Strong bullish momentum, MACD line above the signal line.
• RSI (71.53): Overbought zone but no divergence, indicating strong bullish momentum.
2. 15-Min Chart:
• Trend: Bullish with higher highs and higher lows.
• MACD: Positive but showing signs of slowing momentum.
• RSI (64.04): Neutral to slightly overbought, room for further upside.
3. 3-Min Chart:
• Trend: Recent pullback followed by a bullish continuation.
• MACD: Slight bullish crossover.
• RSI (76.04): Overbought, indicating potential for minor pullback but still bullish.
Fundamental Analysis:
• Gold drivers:
• Market sentiment remains bullish on gold, possibly due to inflation concerns, safe-haven demand, or weakening USD.
• Without major negative catalysts, the bullish trend is likely to continue.
Trade Setup:
Given the strong bullish trend on the daily and the bullish continuation on lower timeframes, a long position offers the highest probability.
• Position: Long (Buy) XAUUSD
• Entry: 2935.00 (Wait for a slight pullback from current levels for better RRR)
• Stop Loss (SL): 2920.00 (Below recent support on M15 and psychological level)
• Take Profit (TP): 2965.00 (Recent psychological resistance and aligns with 2:1 RRR)
• Risk-Reward Ratio: 2:1
XAUUSD 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.