XAUUSD : Gold will increase strongly again
Although the price of gold is slightly decreasing today, looking at the technical level, the prospect of an increase in price of this precious metal is still very high as XAU/AUD is trading actively above the 100 EMA today. However, the indicator RSI 14 is currently at an intermediate level around the 50 line, showing the possibility that XAU/USD will move sideways or not have a clear trend in the short term.
The first upside price target will appear at the upper border of the Bollinger band at $2,427. If gold's momentum is sustained, prices could head towards an all-time high of $2,450. Breaking through this resistance level, gold could rise to the psychological level of $2,500.
Conversely, the $2,325 level will be the initial support zone for XAU/USD. The next key support level is $2,300. Any sell-off below this level would send gold prices closer to the lower edge of the Bollinger band at $2,277, followed by the 100-day EMA at $2,222.
The first upside price target will appear at the upper border of the Bollinger band at $2,427. If gold's momentum is sustained, prices could head towards an all-time high of $2,450. Breaking through this resistance level, gold could rise to the psychological level of $2,500.
Conversely, the $2,325 level will be the initial support zone for XAU/USD. The next key support level is $2,300. Any sell-off below this level would send gold prices closer to the lower edge of the Bollinger band at $2,277, followed by the 100-day EMA at $2,222.
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