Gold prices corrected slightly lower after recently touching another all-time high near 3674. The rejection from this resistance level shows some profit-taking pressure as the price slipped back toward the 3623 area. Despite the correction, the broader structure remains bullish, with the price still trading above the key support at 3579 and well within the upper band of the Bollinger channel.
Momentum indicators, however, are flashing early signs of cooling. The Stochastic Oscillator (5,3,3) has fallen sharply from overbought territory, now nearing the 20-zone, which suggests that selling pressure is picking up in the short term. Meanwhile, the Bulls Power indicator has also weakened, reflecting a slowdown in bullish strength, though not yet confirming a full trend reversal.
Trend strength remains intact overall, with the ADX (14) reading at 53.79, indicating a strong prevailing uptrend. However, as the -DI line starts edging higher, caution is warranted for potential short-term pullbacks. If price holds above 3579, the bullish outlook stays valid, but a breakdown below this support could accelerate downside momentum toward the 3523 zone. Conversely, a rebound from the current correction may re-attempt resistance at 3674, with a breakout opening the door toward new highs.
Market Observation & Strategy Advice:
1. Current Position: Gold (XAUUSD) is trading around 3623 after pulling back from its recent all-time high near 3674. Despite the correction, the broader trend remains bullish as price stays above major support levels and the Parabolic SAR continues to signal upward momentum.
2. Resistance Zone: Immediate resistance is seen at 3674 (all-time high). A break and sustained move above this level would confirm bullish continuation, opening the path toward 3700–3720.
3. Support Zone: Initial support lies at 3579, followed by a stronger base at 3523. A breakdown below these zones could trigger further downside pressure and shift momentum toward the mid-3400s.
4. Indicators: The ADX (53.7) signals a strong ongoing trend, though the Stochastic Oscillator has dropped toward the oversold area, indicating the potential for short-term weakness or consolidation. Bulls Power is easing, showing reduced buying strength, while Bollinger Bands suggest volatility expansion, with price now correcting after hitting the upper band.
5. Trading Strategy Suggestions:
- Buy Strategy: Consider long positions if gold holds above 3579, with upside targets at 3645–3674. A stop-loss can be placed below 3555 to manage risk. A breakout above 3674 could open the way to 3700–3720.
- Sell Strategy: Short opportunities may arise if price breaks below 3579, with targets at 3550–3523. A stop-loss is recommended above 3600 to protect against false breakdowns.
- Range Strategy: If gold consolidates between 3579–3674, traders can apply a range-trading approach, buying near support and selling near resistance, while staying cautious of potential breakout volatility.
Market Performance:
Precious Metals Last Price % Change
XPTUSD 1,371.21 −0.02%
XAGUSD 40.7905 −0.21%
Today’s Key Economic Calendar:
CN: Inflation Rate YoY
US: PPI MoM
Risk Disclaimer This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.
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