FX.co ★ 48M | XAU/USD, GOLD

Gold Market Outlook: We are currently analyzing the movement of gold prices. Gold is currently trading below the daily opening price of 4549.14 and the daily pivot level of 4554.14. Key indicators show a downtrend, and the price is also below the 100-period moving average trend line, which is typically a level where trading volume decreases. If the price rises above 4547.14, this pair is expected to rise further to 4550.14, and possibly 4559.14 (analysis period). As shown in the chart, the price is trading at the 1/3 angle line and below the 50% resistance level of 4562.14, indicating that the overall trend remains bearish and the market is weak. Currently, the market bias is bearish. If the price falls below 4541.14, this pair is expected to fall to 4538.14, and possibly 4528.14. The downtrend is expected to continue down to a low of 4538.47.

Next, there is an attempt to reach the low of 4528.80, which will likely draw attention to the previous uptrend for sellers. Furthermore, the downward momentum is amplified by the rise in the US dollar. On a daily basis, sellers are once again trying to establish this as another bearish rally from the high of 4568.14. The pair is currently trading below the monthly pivot level of 4564.14. The weekly pivot level of 4558.14 is below the daily pivot level of 4554.14, suggesting that we need to discuss the downtrend for this pair. A false break above 4546.14 would be a buy signal. A small downward correction is possible, but a stable below 4548.14 would be considered a sell signal. A break below 4545.14 would be a bearish signal, but this signal would likely be very short-term as the possibility of a gradual decline decreases.