Forecast and Analysis on XAUUSD Daily Chart
Gold has been one of the most popular trading assets for investors over the years, with its price influenced by a variety of factors including global economic events, political instability, and market sentiment. In this analysis, we will examine the short-term outlook for gold based on the XAU/USD daily chart.
On the daily chart, gold’s near-term trajectory remains biased lower. Recently, a bearish Death Cross formed between the 20- and 50-day Simple Moving Averages (SMAs), offering a downside trajectory. Immediate support is the midpoint of the Fibonacci retracement level at 1787.33. Meanwhile, resistance is at the 38.2% point at 1828.01. In the event of a broader turn higher, the SMAs could kick in as resistance, maintaining the downward outlook.
Gold has been facing a downward trend in the short term, as indicated by the bearish Death Cross formation between the 20- and 50-day Simple Moving Averages (SMAs) on the daily chart for XAU/USD. This suggests that the price of gold is likely to remain under pressure in the near term. The immediate support level for gold is at the midpoint of the Fibonacci retracement level, which is at 1787.33.
If gold manages to break below this support level, it may signal a further decline in the price of the precious metal. However, if it manages to hold above this level, it may find some support and could potentially rebound in the short term.
On the other hand, resistance for gold is currently at the 38.2% point of the Fibonacci retracement level, which is at 1828.01. If gold manages to break above this level, it could potentially signal a broader turn higher. However, it is important to note that the SMAs may act as resistance, potentially maintaining the downward outlook for gold.
Overall, the outlook for gold in the short term remains biased towards the downside, with the bearish Death Cross formation and the immediate support level at 1787.33. However, if gold manages to hold above this level and break above the resistance at 1828.01, it could potentially signal a broader turn higher. Traders and investors should remain vigilant and monitor the price movements of gold closely to make informed trading decisions.
On the daily chart, gold’s near-term trajectory remains biased lower. Recently, a bearish Death Cross formed between the 20- and 50-day Simple Moving Averages (SMAs), offering a downside trajectory. Immediate support is the midpoint of the Fibonacci retracement level at 1787.33. Meanwhile, resistance is at the 38.2% point at 1828.01. In the event of a broader turn higher, the SMAs could kick in as resistance, maintaining the downward outlook.
Gold has been facing a downward trend in the short term, as indicated by the bearish Death Cross formation between the 20- and 50-day Simple Moving Averages (SMAs) on the daily chart for XAU/USD. This suggests that the price of gold is likely to remain under pressure in the near term. The immediate support level for gold is at the midpoint of the Fibonacci retracement level, which is at 1787.33.
If gold manages to break below this support level, it may signal a further decline in the price of the precious metal. However, if it manages to hold above this level, it may find some support and could potentially rebound in the short term.
On the other hand, resistance for gold is currently at the 38.2% point of the Fibonacci retracement level, which is at 1828.01. If gold manages to break above this level, it could potentially signal a broader turn higher. However, it is important to note that the SMAs may act as resistance, potentially maintaining the downward outlook for gold.
Overall, the outlook for gold in the short term remains biased towards the downside, with the bearish Death Cross formation and the immediate support level at 1787.33. However, if gold manages to hold above this level and break above the resistance at 1828.01, it could potentially signal a broader turn higher. Traders and investors should remain vigilant and monitor the price movements of gold closely to make informed trading decisions.