XAU/USD Analysis TradeWithTheTrend3344

XAU/USD Analysis 2023/7/11

Overview: The 1-day high for XAU/USD is at 1938 and the low point is at 1924.44, resulting in a range of 1408 pips or 0.73%.

Trend Analysis: On the daily timeframe, the short-term trend is bullish, the medium-term trend is bearish but possibly weakening, and the long-term trend is bullish but possibly weakening.

Moving Averages: The Simple Moving Averages (SMA) show the following values: 5SMA at 0.508%, 10SMA at 0.64%, 20SMA at 0.231%, 50SMA at -1.411%, 100SMA at -0.92%, and 200SMA at 3.371%. The overall average of the SMAs indicates a bullish sentiment. On the other hand, the Exponential Moving Averages (EMA) indicate the following values: 5EMA at 0.379%, 10EMA at 0.449%, 20EMA at 0.162%, 50EMA at -0.607%, 100EMA at -0.106%, and 200EMA at 1.819%. The overall average of the EMAs also indicates a bullish sentiment.

Conclusion: The current short-term trend is bullish, the medium-term trend is bearish but possibly weakening, and the long-term trend is bullish but possibly weakening. However, caution is advised as the gold price has yet to confirm the trend. There is a bullish confirmation, but it's important to remain cautious when placing orders.

Is XAU/USD 1D currently overbought or oversold?

Overall, the rating is neutral but leaning towards overbought.

Indicators:

Relative Strength Index (RSI): Currently, the RSI is very neutral and sits just below 50.
Stochastic: At the moment, the Stochastic indicator is leaning towards overbought but is still considered to be neutral.
Williams %R: The Williams %R indicator suggests that XAU/USD is overbought.
Bollinger Bands: The Bollinger Bands are positioned just above the middle band, leaning towards overbought.
Keltner Channel: The Keltner Channel is fairly central, indicating a neutral stance.

Volatility: The average volatility per hour is 0.18%, while the daily average stands at 1.09%.

In conclusion, it is recommended to consider a bullish position for XAU/USD. However, it is crucial to trade with care and exercise caution as the trend confirmation is yet to be seen. If you support this analysis, please give me a boost

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Note

I suggest taking profit for now at 1940. It seems like we have had a good run so far, and it's always wise to secure gains when the opportunity arises.
Additionally, stepping back and allowing the situation to play out further can provide a better overall picture of the market dynamics and potential future movements.

Note

What a quick move from 1934-1950 TP hit @ 1950

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Disclaimer

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