XAUUSD Technical Analysis

The rapid retraction from the new high suggests the gold price has entered a short-term correction period. Gold reached a new all-time high of 2431 last Friday after the US market opened, but the price quickly retreated. It lost key support of 2400 and 2380, falling back to the bottom support of Thursday near 2330, ending the weekly at 2343 with a slight increase of 13 dollars. The market had been anticipating retaliatory actions from Iran following the attack on the Iranian embassy in Syria, cr

10Apr

Gold (XAUUSD) Daily Chart

2024-04-10 @ 11:59

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25Mar

Gold Trend 25/03

2024-03-25 @ 11:38

Following the Fed meeting, gold reached a new all-time high of 2222 last week. However, it failed to stay above 2200 and retraced quickly below the previous high of 2195 within 24 hours. This Friday is a US holiday, but the inflation data(PCE price index) will still be released. Make sure you pay close attention to market volatility at the late Friday session and the early Monday Asian session, and exercise caution in managing risks. 1-hr chart – The price broke through the S-T resistance(

18Mar

Gold Trend 18/03

2024-03-18 @ 10:39

After reaching a new high of 2195, the gold price stayed sideways between 2155-85(1) last week. This week’s only major event will be the Fed meeting. Following the slight rebound in US core CPI data last week, expect the post-Fed meeting announcement to lean towards a hawkish stance, which could have a bearish impact on the gold price. 1-hr Chart – The gold price is still bounded within the range of 2155-85 (3), and it is currently trading under the S-T resistance line (2) that has b

11Mar

Gold Trend 11/03 – Reversal signals yet to appear

2024-03-11 @ 11:24

The gold price was unstoppable last week. It broke clear the December high of 2088 and surpassed the historical high of 2147. On Friday, even with better-than-expected US non-farm payroll data, it continued to rise before the market closed, reaching a new all-time high of 2195. This week, the US will release core CPI and retail sales data on Tuesday and Thursday, if inflation slows down and the data disappoints, we can expect the gold price to continue its upward movement. 1-hr Chart – The