Spot gold edged higher during the US trading session after finding strong support near $3,350, reversing an earlier pullback. During the European trading session, gold prices briefly dipped due to improved risk appetite and a slight rise in US Treasury yields, failing to extend Monday's rebound. However, buyers stepped in near the 50-day simple moving average (SMA), pushing prices back from the day's low. The continued weakness of the US dollar, fueled by market confidence in a September Federal Reserve rate cut, supported gold's rebound.
Spot gold struggled to extend last week's rebound and is currently hovering around $3,350.
Last week, gold broke below an ascending triangle pattern, briefly hitting a one-month low, before finding support above the 100-day simple moving average (SMA), suggesting continued bearishness.
Currently, gold is trading slightly above the 50-day SMA, providing immediate support, followed by the 100-day SMA. Further declines could lead to targets near $3,275 and $3,200.
The Relative Strength Index (RSI) on the daily chart is in neutral territory around 55, indicating a lack of clear momentum. Meanwhile, the MACD indicator shows a golden cross with the DIFF crossing the DEA, and the MACD-histogram is positive, indicating accumulating bullish momentum. However, the overall reading is low, and further upward momentum is needed. A sustained golden cross and a larger candlestick pattern would be bullish.
On the upside, if bulls can reclaim the bottom of the broken triangle and decisively push above $3,380, the market could potentially move towards $3,450, or even revisit the all-time high.
XAUUSD GOLD XAUUSD GOLD XAUUSD GOLD GOLD XAUUSD
Spot gold struggled to extend last week's rebound and is currently hovering around $3,350.
Last week, gold broke below an ascending triangle pattern, briefly hitting a one-month low, before finding support above the 100-day simple moving average (SMA), suggesting continued bearishness.
Currently, gold is trading slightly above the 50-day SMA, providing immediate support, followed by the 100-day SMA. Further declines could lead to targets near $3,275 and $3,200.
The Relative Strength Index (RSI) on the daily chart is in neutral territory around 55, indicating a lack of clear momentum. Meanwhile, the MACD indicator shows a golden cross with the DIFF crossing the DEA, and the MACD-histogram is positive, indicating accumulating bullish momentum. However, the overall reading is low, and further upward momentum is needed. A sustained golden cross and a larger candlestick pattern would be bullish.
On the upside, if bulls can reclaim the bottom of the broken triangle and decisively push above $3,380, the market could potentially move towards $3,450, or even revisit the all-time high.
XAUUSD GOLD XAUUSD GOLD XAUUSD GOLD GOLD XAUUSD 
Real-time strategies are like a beacon guiding your investment path. The market will never disappoint those who persevere and explore wisely....🚀🚀VIP Channel t.me/EagleEyePrecisionAnalysis
👉Exclusive address t.me/Eagle_PreciseAnalysis
👉Exclusive address t.me/Eagle_PreciseAnalysis
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.
Real-time strategies are like a beacon guiding your investment path. The market will never disappoint those who persevere and explore wisely....🚀🚀VIP Channel t.me/EagleEyePrecisionAnalysis
👉Exclusive address t.me/Eagle_PreciseAnalysis
👉Exclusive address t.me/Eagle_PreciseAnalysis
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.