FX.co ★ Ctrl | XAU/USD, GOLD

Gold Short-Term Outlook: In this discussion, we will examine the analysis related to the fluctuations in the price of gold. Looking at the chart, we can see that buyers have been accumulating long-term volume in the area below this support level, pushing the price up. After testing this support, the price will likely continue to rise. However, this scenario could have been better. As shown in the hourly chart, the price of gold is still in a downtrend within a narrow channel. In the default scenario, the lower boundary of this channel and the support level of 4480.89 will fall slightly. However, as the chart shows, after a heavy sell-off, and when the indicator is in oversold territory, there is always, or most of the time, a transition period following a growth or correction period, which can create opportunities for buyers. This is also the case here. It is difficult to pinpoint the growth level, but we are looking at the price levels of 4483.89 and 4494.89 which will determine the next move. The support level was broken relatively quickly, and the price is now breaking through the volume accumulation zone without resistance from buyers.

Things are proceeding as in the bearish scenario, and according to the news, sellers are increasing their current trading volume. This provided an excellent entry point for buyers who took advantage of the opportunity, resulting in significant profits. The gold/USD pair remains neutral but is poised to continue its decline towards the psychological level of $4482.89. However, it needs to break above the 200-day exponential moving average at $4476.89. A break below the intraday low of $4484.89 would trigger the second moving average, followed by the first. Positive media coverage today suggests a bullish bias among sellers, and these levels are likely to fall below the lows again. In short, with some volatility and no obvious obstacles, it is headed down again.