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Abstract:Gold (XAUUSD) continues to consolidate below its all-time highs following a strong multi-week rally earlier this year. The recent weekly candlestick closed bearish, testing the key support area, sugge
Gold (XAUUSD) continues to consolidate below its all-time highs following a strong multi-week rally earlier this year. The recent weekly candlestick closed bearish, testing the key support area, suggesting sellers are gaining traction near resistance as the uptrend loses some momentum.
The latest candle is a strong bearish bar rejecting the 3436.70 resistance area, now closing near the 3274.03 level. Price is hovering just above the 20-week EMA and middle Bollinger Band, which are acting as dynamic support. Despite the pullback, price remains within the upper range of the Bollinger Bands, showing the broader trend is still bullish.
MACD (12,26,9) remains elevated, with histogram bars narrowing but still positive, suggesting momentum is slowing but not reversing. Theres no bearish crossover yet, but the indicator may signal a deeper pullback if current pressure continues. Volume remains stable, not confirming aggressive selling for now.
Market Observation & Strategy Advice:
1. Current position: Around 3274.03, sitting on key dynamic support near the middle Bollinger Band.
2. Resistance: 3436.70, recent high and clear rejection point for bulls.
3. Support: 3203.51, aligns with Bollinger midline and 20-week EMA.
4. MACD remains bullish but with signs of slowing momentum, no crossover yet.
5. Trading Strategy Suggestions:
Bullish defense: Monitor for bullish reversal candles near 3200 for potential long re-entry in line with long-term trend.
Bearish short-term: If price breaks and closes below 3200, a deeper correction toward 3100 may develop.
Range scenario: Consider range-bound trades between 3200–3435 while awaiting a breakout confirmation.
Market Performance:
Precious Metals Last Price % Change
XPTUSD 1,340.31 +0.11%
XAGUSD 35.83 −0.43%
Todays Key Economic Calendar:
CN: NBS Manufacturing PMI
IT : Inflation Rate YoY Prel
DE: Inflation Rate YoY Prel
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.