XAUUSD Goes Long. Let's Make Gold Shining Bright Again. As of January 21, 2025, the price of Gold spot is trading nearly at $2750. The recent price movements and technical indicators suggest a bullish sentiment in the gold market.
Recent analyses indicate a strong bullish trend for gold, supported by various technical indicators:
Moving Averages:
Strong Buy signals across all moving averages, from Short-term (5-day) Simple Moving Average (SMA) to Long-term (200-day) SMA , and that is suggesting a bullish outlook, supported also by 125-day SMA earlier in Q4 2024.
Support and Resistance Levels:
Resistance Levels: The key resistance level is set around $2800.
Support Levels: Immediate support can be observed near $2720, as Reversed Head-and-Shoulders technical structure is happening right now.
Market Sentiment:
The overall market sentiment appears to be optimistic due to factors such as:
A weakening US Dollar, which typically boosts gold prices.
Anticipation of potential interest rate cuts from the Federal Reserve, which could further enhance gold's appeal as a safe-haven asset.
Despite of dirty political tricks, Gold spot overperforms major US stock indices so far in 2025, and has printed already several new ATHs in 2025 against Euro OANDA:XAUEUR and British pound OANDA:XAUGBP
In conclusion, the technical analysis for gold indicates a strong bullish trend with positive momentum, although caution is advised due to overbought conditions in some indicators.