Today’s XAUUSD technical analysis focuses on the recent surge in gold prices. We’ll explore the details of this breakout and predict the next steps of the bullish trend. This will involve a thorough examination of the XAUUSD’s daily price movements and various indicators.
Gold Technical Analysis
FxNews – Gold recently soared past the significant $2,006 psychological level. Currently, it faces a challenge at the R1 weekly resistance, with its RSI indicator approaching the overbought zone. Although the trend for the XAUUSD pair seems positive, a minor pullback from recent highs is possible.
In today’s session, the pair might fluctuate within the bounds of R1 and the $2,000 mark. Following this period of consolidation, there’s potential for the bulls to regain momentum, potentially pushing the pair towards the R2 resistance, coinciding with the R2 weekly level.
The presence of a bullish flag pattern reinforces the upward trend. However, if the price dips below the flag, it could indicate a shift away from the bullish outlook, rendering the bullish XAUUSD technical analysis invalid.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.