XAU/USD: Analysis and Forecast
Today, gold sustains modest intraday growth during the first half of the European session, though it lacks the momentum for a stronger upward move. Uncertainty surrounding U.S. President-elect Donald Trump's tariff plans, fears of a trade war, and geopolitical tensions act as tailwinds for the precious metal.
The $2665 level serves as a strong resistance barrier. Considering the 200 EMA on the daily chart has just begun to gain positive momentum, a sustained break above this barrier could act as a new trigger for bulls, paving the way for further gains. Subsequent upward movement could lift gold prices to intermediate resistance in the $2681-2683 zone, and route to the psychological $2700 level.
On the other hand, weakness below the $2635 level will find some support near the 1oo-day SMA and the weekly low around $2615-2614, established on Monday Following this, a confluence of the psychological $2600 level with the 100-day EMA and a short-term upward trendline extending from November's low provides additional support. A convincing break below this confluence would expose December's low in the $2583 level. If this level is breached, he probability would shift in favor of the bears.
Happy Trading!
The $2665 level serves as a strong resistance barrier. Considering the 200 EMA on the daily chart has just begun to gain positive momentum, a sustained break above this barrier could act as a new trigger for bulls, paving the way for further gains. Subsequent upward movement could lift gold prices to intermediate resistance in the $2681-2683 zone, and route to the psychological $2700 level.
On the other hand, weakness below the $2635 level will find some support near the 1oo-day SMA and the weekly low around $2615-2614, established on Monday Following this, a confluence of the psychological $2600 level with the 100-day EMA and a short-term upward trendline extending from November's low provides additional support. A convincing break below this confluence would expose December's low in the $2583 level. If this level is breached, he probability would shift in favor of the bears.
Happy Trading!
Official Telegram Channel
t.me/MrForex_Pips
Personal Contact t.me/FxMr_Signal
t.me/MrForex_Pips
Personal Contact t.me/FxMr_Signal
Official Telegram Channel
t.me/MrForex_Pips
Personal Contact t.me/FxMr_Signal
t.me/MrForex_Pips
Personal Contact t.me/FxMr_Signal
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.