XAUUSD Detailed Analysis

XAUUSD 1D Graphics

Hi folks,

🔺Since the bottom at $1628 (November 2022, DXY peak), the direction in Gold (XAU/USD) has been upward, similar to other risk assets.

🔺There is a very orderly rising regression channel. As long as it stays within the channel, the direction is upward, and we may eventually see $2164.

🔺At the moment, $1945 (MA50) is appearing as a technically critical resistance.

🔺Roughly the range of $1890 - $1900 is a CRITICAL SUPPORT that should not be lost for the continuation of the upward movement.

🔺The $1890 - $1900 region is significant because it serves as both MA200 and fib 0.618 support, as well as regression remainder support.

🔺The RSI is currently trading in a bearish zone with 45 points (50 pivot). If the selling pressure continues, we may see a retest of the $1900 - $1910 region.

🔺The upcoming inflation and employment data from the US will be critical. It may lead to sideways movement until the September FED meeting.

Stay safe and rich :)