Gold extends its weekly advance, trading around $3,350 per troy ounce on Friday. The rally in XAU/USD is driven by broad-based weakness in the Greenback, particulalry after President Trump’s threat to impose 50% tariffs on European imports.
From a technical perspective, the overnight pullback from a two-week top shows some resilience below the 23.6% Fibonacci retracement level of the move up from the monthly low touched last week. Adding to this, oscillators on hourly/daily charts are holding in positive territory, suggesting that the path of least resistance for the Gold price remains to the upside. Some follow-through buying beyond the overnight swing high, around the $3,346 area, will reaffirm the constructive outlook and allow the XAU/USD pair to reclaim the $3,400 round figure
On the flip side, any meaningful slide below the $3,300 mark is likely to find some support near the $3,260-$3,258 confluence – comprising the 38.2% Fibo. retracement level and the 200-period Simple Moving Average (SMA) on the 4-hour chart. The latter should act as a key pivotal point, which if broken decisively could make the Gold price vulnerable to accelerate the fall toward the 50% retracement level around the $3,232 region, en route to the $3,200 round figure
From a technical perspective, the overnight pullback from a two-week top shows some resilience below the 23.6% Fibonacci retracement level of the move up from the monthly low touched last week. Adding to this, oscillators on hourly/daily charts are holding in positive territory, suggesting that the path of least resistance for the Gold price remains to the upside. Some follow-through buying beyond the overnight swing high, around the $3,346 area, will reaffirm the constructive outlook and allow the XAU/USD pair to reclaim the $3,400 round figure
On the flip side, any meaningful slide below the $3,300 mark is likely to find some support near the $3,260-$3,258 confluence – comprising the 38.2% Fibo. retracement level and the 200-period Simple Moving Average (SMA) on the 4-hour chart. The latter should act as a key pivotal point, which if broken decisively could make the Gold price vulnerable to accelerate the fall toward the 50% retracement level around the $3,232 region, en route to the $3,200 round figure
📌 Fact: 90% traders lose money in first 3 months.
✅ Solution:
• Risk only 1% per trade
• Wait for LONDON/NY session confluence
• Trade EMA 200 + RSI together.
Turning Trading Mistakes into Lessons 📉 Learn. Improve. Succeed. 💼
✅ Solution:
• Risk only 1% per trade
• Wait for LONDON/NY session confluence
• Trade EMA 200 + RSI together.
Turning Trading Mistakes into Lessons 📉 Learn. Improve. Succeed. 💼
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.
📌 Fact: 90% traders lose money in first 3 months.
✅ Solution:
• Risk only 1% per trade
• Wait for LONDON/NY session confluence
• Trade EMA 200 + RSI together.
Turning Trading Mistakes into Lessons 📉 Learn. Improve. Succeed. 💼
✅ Solution:
• Risk only 1% per trade
• Wait for LONDON/NY session confluence
• Trade EMA 200 + RSI together.
Turning Trading Mistakes into Lessons 📉 Learn. Improve. Succeed. 💼
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.