XAUUSD(Gold)- Trading Strategy For Monday

🔶Gold continues to close positive on the weekly chart, and the current pattern is steadily upward. There is potential for continued upward movement next week. The weekly support level is near 2719, and the upper pressure level is near the previous high of 2758. At present, the upward space has not yet capped, so it is recommended not to guess the top easily. In terms of daily trend, it formed a bottoming out and rebounded on Friday, and refreshed the intraday high. The low point gradually rose and closed near 2747, forming a long lower shadow bald positive line, further confirming the upward trend.

🔶On the daily line, the consecutive positive closings indicate that the bulls have a clear advantage, and the price of gold effectively broke through the short-term moving average resistance and stood firm above it. In terms of technical indicators, the golden cross develops upward, forming a strong match with the K line, further consolidating the bulls' strength.

🔶In the 4-hour chart, the gold technical indicators maintain an upward slope. Although the RSI indicator is in the overbought range, the previous correction has repaired some of the overbought pressure. The 4-hour SAR parabolic indicator changes at a high level, and the MACD red kinetic energy column shrinks, indicating that the market is expected to break a new high. Therefore, the operation is still mainly based on buying at a low level.

🔴The upper short-term focus is on the 2758-2770 resistance range
🟢The lower short-term focus is on the 2725-2730 support range

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