Overall Trend:
The
XAUUSD pair has been riding a bullish trend over recent months, with gold prices hitting all-time highs in September 2024 near $2,635 per ounce. Currently, the pair remains above the 50- and 200-period moving averages, reinforcing the continuation of the upward trajectory.
Key Support and Resistance Levels:
Support:
$2,657: Now acting as a key level after previously serving as strong resistance during pullbacks.
$2,621: A previously identified support zone during price corrections.
Resistance:
$2,723: A significant resistance zone, historically alternating as support and resistance since October 2024.
$2,750: Found at the lower boundary of the premium zone but would require a break of the descending trendline and the resistance above.
Technical Patterns and Indicators:
Candlestick Patterns:
Recent bullish candlestick formations like "marubozu" and "bullish engulfing" indicate strong buying pressure.
RSI (Relative Strength Index):
The daily RSI is hovering near the overbought zone (above 59), signaling potential for pullbacks or consolidation.
SMC (Smart Money Concepts) and Wyckoff:
The current structure aligns with an accumulation phase, suggesting a high probability of a subsequent bullish breakout, consistent with Wyckoff principles.
Key Fundamental Drivers:
US Monetary Policy:
The Federal Reserve's recent half-point rate cut has added upward momentum to gold prices.
Geopolitical Tensions:
Ongoing conflicts in the Middle East and other regions are boosting demand for safe-haven assets like gold.
Economic Data:
Upcoming US economic reports, including Q4 GDP and the PCE Price Index, could sway market sentiment and drive volatility.
Jan 14 - 1:30 pm GMT 0 - Producer Price Index (PPI):
USPPIMM
Jan 15 - 1:30 pm GTM 0 - Consumer Price Index (CPI):USIRMM USIRYY
Jan 16 - 1:30 pm GMT 0 - Retail SalesUSRSMM and Unemployment Claims $USIJC
Potential Scenarios:
Bullish Scenario:
If XAU/USD breaks above the descending trendline at $2,688, the price could target the $2,723 zone and, with enough momentum, push towards $2,750.
Bearish Scenario:
In the event of corrections, the pair may find support at $2,657, or in the case of a deeper pullback, near the base of the expansion channel at approximately $2,621.
Seasonal Considerations:
Historically, the start of the year tends to be favorable for gold due to increased demand for safe-haven assets and portfolio rebalancing by institutional investors.
The
XAUUSD pair has been riding a bullish trend over recent months, with gold prices hitting all-time highs in September 2024 near $2,635 per ounce. Currently, the pair remains above the 50- and 200-period moving averages, reinforcing the continuation of the upward trajectory.Key Support and Resistance Levels:
Support:
$2,657: Now acting as a key level after previously serving as strong resistance during pullbacks.
$2,621: A previously identified support zone during price corrections.
Resistance:
$2,723: A significant resistance zone, historically alternating as support and resistance since October 2024.
$2,750: Found at the lower boundary of the premium zone but would require a break of the descending trendline and the resistance above.
Technical Patterns and Indicators:
Candlestick Patterns:
Recent bullish candlestick formations like "marubozu" and "bullish engulfing" indicate strong buying pressure.
RSI (Relative Strength Index):
The daily RSI is hovering near the overbought zone (above 59), signaling potential for pullbacks or consolidation.
SMC (Smart Money Concepts) and Wyckoff:
The current structure aligns with an accumulation phase, suggesting a high probability of a subsequent bullish breakout, consistent with Wyckoff principles.
Key Fundamental Drivers:
US Monetary Policy:
The Federal Reserve's recent half-point rate cut has added upward momentum to gold prices.
Geopolitical Tensions:
Ongoing conflicts in the Middle East and other regions are boosting demand for safe-haven assets like gold.
Economic Data:
Upcoming US economic reports, including Q4 GDP and the PCE Price Index, could sway market sentiment and drive volatility.
Jan 14 - 1:30 pm GMT 0 - Producer Price Index (PPI):
USPPIMM Jan 15 - 1:30 pm GTM 0 - Consumer Price Index (CPI):
USIRMM USIRYY Jan 16 - 1:30 pm GMT 0 - Retail Sales
USRSMM and Unemployment Claims $USIJCPotential Scenarios:
Bullish Scenario:
If XAU/USD breaks above the descending trendline at $2,688, the price could target the $2,723 zone and, with enough momentum, push towards $2,750.
Bearish Scenario:
In the event of corrections, the pair may find support at $2,657, or in the case of a deeper pullback, near the base of the expansion channel at approximately $2,621.
Seasonal Considerations:
Historically, the start of the year tends to be favorable for gold due to increased demand for safe-haven assets and portfolio rebalancing by institutional investors.
Transaction en cours
First bearish target reached: 2657.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.