Gold Breaks Out of Key Resistance, Signaling Potential Bullish R
Overall Trend:
XAUUSD is currently in a bullish trend, as indicated by the recent breakout above the 1975.00 level. The price has been supported by the EMA50, which is acting as a dynamic support level. The next major bullish targets are 2000.00 and 2009.30.
Key Support and Resistance Levels:
Support: 1982-1983
Resistance: 1990, 1995 , 2000
Key Factors Driving the Trend:
• Slowing down of US 10-year treasury yields
• Expectations of a US interest rate cut in May 2024
Technical Indicators:
• EMA50: Acting as a dynamic support level
• RSI: Neutral
• MACD: Bullish crossover
Trading Strategy:
A long position could be entered with a stop-loss below the 1983 support level and a take-profit target at 1990,1995 and 2000. Alternatively, traders could wait for a pullback to the 1975.00 support level before entering a long position.
Overall, the technical analysis suggests that XAUUSD is likely to continue its bullish trend in the near term. However, traders should be aware of the potential risks and manage their positions accordingly.
XAUUSD is currently in a bullish trend, as indicated by the recent breakout above the 1975.00 level. The price has been supported by the EMA50, which is acting as a dynamic support level. The next major bullish targets are 2000.00 and 2009.30.
Key Support and Resistance Levels:
Support: 1982-1983
Resistance: 1990, 1995 , 2000
Key Factors Driving the Trend:
• Slowing down of US 10-year treasury yields
• Expectations of a US interest rate cut in May 2024
Technical Indicators:
• EMA50: Acting as a dynamic support level
• RSI: Neutral
• MACD: Bullish crossover
Trading Strategy:
A long position could be entered with a stop-loss below the 1983 support level and a take-profit target at 1990,1995 and 2000. Alternatively, traders could wait for a pullback to the 1975.00 support level before entering a long position.
Overall, the technical analysis suggests that XAUUSD is likely to continue its bullish trend in the near term. However, traders should be aware of the potential risks and manage their positions accordingly.