XAUUSD

Gold has been one of the most prominent assets in recent sessions, recording a valuation increase of over 4% in the last five trading sessions. This surge is primarily driven by investors flocking to the safe-haven asset as concerns grow over the economic tensions generated by the White House in recent days. The global economic growth outlook has weakened due to potential tariffs on China, Canada, and Mexico, with discussions only suggesting a temporary pause that could eventually materialize. As a result, demand for gold in the short term continues to rise, keeping bullish pressure at historically high levels.

Stable Trend
The current strong buying bias has completely broken the previous sideways range, which was holding between $2,700 and the $2,600 per ounce floor. Currently, the historical high zone above $2,800 remains intact, but recent sharp price fluctuations could trigger short-term corrections.

RSI Indicator
The RSI line has shown remarkable growth, confirming that buying momentum continues to dominate gold. However, the indicator has now officially crossed into overbought territory at the 70 level, suggesting that selling pressure may momentarily take over the market, as reflected by the current bearish candle on the chart. If overbought conditions persist, downward corrections could become more relevant in the coming sessions.

Key Levels
$2,776: A nearby support level, aligning with the top of the previous sideways channel. This zone could act as a key level where potential short-term bearish corrections may take place.

$2,900: The next tentative resistance level, representing the price gold has attempted to reach in recent trading sessions. Sustained buying pressure above this level could reinforce the bullish bias, leading to a more accelerated uptrend on the chart.