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XAU/USD Technical Outlook – 30, Nov

Gold price is on the verge of yielding a symmetrical triangle breakout on the four-hour chart. The bright metal needs a  four-hour candle stick close above the falling trendline resistance at $1,759 to confirm the upside break. If Federal Reserve Chair Jerome Powell backs the dovish pivot, Gold bulls could see the much-needed boost.

A fresh upswing toward the $1,770 round figure cannot be ruled out. The next upside target is envisioned at the multi-month highs at $1,787. The Relative Strength Index (RSI) is trading listlessly while above the midline, keeping bulls hopeful.  

On the flip side, strong support is seen around the $1,750 level, where the 21, 50 and 100-Simple Moving Averages (SMA) converge. A breach of the latter will expose the rising trendline support at $1,745. A sustained move below that support could validate a downside break from the symmetrical triangle, opening floors for deeper declines toward the $1,730 round figure.

XAU/USD Technical Overview – 29, Nov

The XAU/USD daily chart shows another failure to hold above the $1,760 zone, a sign of difficulties for gold bulls. The positive for the yellow metal is that it remains well above the 20 and 100 SMAs. The Momentum indicator turned south, although it remains above the 100 level. RSI also is now pointing to the downside. The main trend remains bullish but the outlook favors some correction ahead while limited by $1,760. A decline under $1,720 would increase the bearish pressure.

In the near term, and according to the 4-hour chart, XAU/USD is pointing to the downside. The critical level in the chart is seen around $1,735 that should keep losses controlled. A break lower would put deteriorated further the outlook for the yellow metal, exposing the recent low at $1,720$. Technical indicators are directionless.

Support levels: 1,735.50 1,720.75 1,703.00  

Resistance levels: 1,760.00 1,771.10 1,785.00

XAU/USD Technical Outlook – 22, Nov

The American currency lost steam ahead of the US opening, helping XAU/USD to bounce towards the $1,745 price zone. However, sellers rejected the advance around the 23.6% retracement of its latest daily rally, measured between $1,616.52 and $1,786.46 at $1,745.46, with the pair falling to fresh intraday lows afterwards.  The next Fibonacci support, the 38.2% retracement, comes at $1,720.75.

The XAU/USD daily chart shows that technical indicators have retreated further from the overbought levels touched last week, now heading south but holding within positive levels. At the same time, the 20 SMA heads firmly higher, far below the current level, while also below a directionless 100 SMA. 

In the near term, and according to the 4-hour chart, chances are of lower lows. The pair is below a firmly bearish 20 SMA, while the longer moving averages maintain their bullish slopes below the current level. The Momentum indicator consolidates within negative levels, but the RSI indicator accelerated south, currently at around 29. 

Support levels: 1,733.00 1,720.75 1,708.30

Resistance levels: 1.745.50 1,758.60 1,771.10

XAU/USD Technical Outlook – 17, Nov

XAUUSD is declining gradually towards the upward-sloping trendline placed from November 3 low at $1,616.67 on a four-hour scale. The gold prices have kissed the 50-period Exponential Moving Average (EMA) at $1.770.50 after a corrective move. While, the 100-period EMA at $1,756.00 is firmly advancing, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bullish range of 60.00-40.00 amidst correction. This doesn’t reflect a change in secular trend but a loss in upside momentum cannot be ruled out.

Investors would like to play the correction by creating longs near the upward-sloping trendline. This could terminate short-term optimism in the US Dollar bulls.

XAU/USD Technical Outlook – 15, Nov

The daily chart for the XAUUSD pair favors a continued advance, with market players eyeing a potential breakout of the $1,800 mark. Technical indicators in the mentioned time frame consolidate within overbought levels without signs of upward exhaustion. At the same time, the bright metal develops above its 20 and 100 SMAs, with the shorter one advancing below the longer one. Finally, the 200 SMA reinforces the resistance area around the aforementioned threshold, now at $1,803.15.

The near-term picture favors higher highs ahead. In the 4-hour chart, technical indicators turned marginally higher despite standing in overbought territory as the pair develops above bullish moving averages. The 20 SMA guides the metal higher, while the 100 SMA is crossing above the 200 SMA, both far below the current level at around $1,670, still reflecting buyers’ strength.

Support levels:  $1,762 and $1,750

Resistance levels: $1,782 and $1,795

XAU/USD Technical Outlook – 14, Nov

Gold price is pulling back after witnessing a stellar rally over the past week. The retreat comes as the yellow metal fails to sustain above the August 25 peak at $1,766. The immediate support is now seen at Friday’s low of $1,747, below which a sharp drop toward the September 12 high at $1,735 will be in the offing. The bullish 14-day Relative Strength Index (RSI) has turned south after probing the overbought territory, justifying the pullback in the Gold price.

If the upside regains traction, then Gold bulls could recapture the abovementioned resistance at $1,766, making another attempt to test the three-month highs at $1,772. The next relevant target for Gold buyers is seen at the confluence of the bearish 200-Daily Moving Average (DMA) and the August top near the $1,805 mark.

XAU/USD Technical outlook – 11, Nov

Gold price is seeing a brief so-called bull flag formation on the daily timeframe, taking cues from the recent price action.

Therefore, another leg higher cannot be ruled out toward the $1,800 mark, especially after the bright metal closed Thursday above the psychological $1,750 barrier. The bearish 200-Daily Moving Average (DMA) aligns near the $1,800 level.

The bullish 14-day Relative Strength Index (RSI) still lurks beneath the overbought territory, suggesting that there is more room to the upside.

Before resuming the uptrend, Gold price could correct toward the $1,740 round figure, below which the October high at $1,730 will be back in play

XAU/USD Fundamental Update – U.S. CPI DATA

Gold price is posting small gains above the $1,700 mark, as bulls turn cautious ahead of the critical Consumer Price Index (CPI) from the United States. The US inflation data is of utmost significance in determining the US Federal Reserve’s rate hike outlook. A softer US core CPI print is likely to bolster expectations of a 50 bps December Fed rate hike. The monthly US CPI is seen rising to 0.6% while the annualized inflation rate is seen softening to 8.0%. The Core CPIs are likely to ease across the time horizon, suggesting signs of peak inflation. Gold price could resume its uptrend on a softer US CPI-induced renewed US Dollar weakness and a risk rally. Markets are currently pricing a 57% probability of a 50 bps December Fed rate hike.

XAU/USD Technical Outlook – 08, Nov

After Friday’s descending triangle formation-led big breakout, Gold price has entered into a phase of upside consolidation while defending the bearish 50-Daily Moving Average (DMA) at $1,673. So long as the abovementioned barrier is held, the bullish potential remains intact for the bullion, with a retest of Friday’s high at $1,683 likely to pave the way toward the $1,700 threshold.

The 14-day Relative Strength Index (RSI) is holding flat above the midline, supporting the recent rally in Gold price.

On a firm break below the 50DMA, sellers will target the triangle resistance-turned-support at $1,658. Further south, the horizontal 21DMA at $1,653 could come to the rescue of bulls.

XAU/USD Technical Outlook – 07, Nov

As observed on the daily timeframe, Gold price confirmed a descending triangle formation after closing Friday above the falling trendline resistance at $1,650. The upsurge in the yellow metal took out the critical 21 and 50-Daily Moving Averages (DMA), with bulls managing to settle the week above the 50DMA at $1,675.

XAUUSD price is challenging the latter on its retreat, looking for a test of the 21DMA resistance-turned-support at $1,653, should the pullback extend. The 14-day Relative Strength Index (RSI) has turned south but holds above the midline, suggesting that any retracement in the price is likely to be bought in. On the upside, buyers need to reclaim the previous day’s high at $1,682 in a bid to initiate a fresh rally towards the $1,700 mark.

All in all, it seems that the tide has turned in favor of bullish traders after Friday’s big technical breakout.

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