Weekly Forex Forecast – GOLD (XAU/USD)
Gold (XAUUSD) Technical Analysis
Using the 1-day timeframe, it is imperative to note that the price of gold rebounded slightly from a significant level last Friday, yet it failed to hit its 50-day moving average of $1,945. It is crucial to keep a keen eye on this level as it now acts as a primary barrier. This area also serves as the previously broken support, which has the potential of becoming a resistance. Failure to surpass this level may result in the bears taking control of the market, causing a retest of support between $1,930 to $1925. Furthermore, in case the market weakens further, there is a possibility of prices reaching the next major support between 1906 and 1896.
However, if XAU/USD manages to break through its 50-day SMA, it could create bullish momentum, leading to an attack on the $1954 area and then $1972. Therefore, it is crucial to closely monitor these trends.
Using the 1-day timeframe, it is imperative to note that the price of gold rebounded slightly from a significant level last Friday, yet it failed to hit its 50-day moving average of $1,945. It is crucial to keep a keen eye on this level as it now acts as a primary barrier. This area also serves as the previously broken support, which has the potential of becoming a resistance. Failure to surpass this level may result in the bears taking control of the market, causing a retest of support between $1,930 to $1925. Furthermore, in case the market weakens further, there is a possibility of prices reaching the next major support between 1906 and 1896.
However, if XAU/USD manages to break through its 50-day SMA, it could create bullish momentum, leading to an attack on the $1954 area and then $1972. Therefore, it is crucial to closely monitor these trends.
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