FX.co ★ Nicos | XAU/USD, GOLD

XAUUSD Hourly Chart Analysis: On the hourly time scale, I can see that XAU/USD has left the ascending channel and entered a bullish one. The price is getting close to the Fibonacci threshold of 39.2%. A recent effort to break above the resistance level failed, which resulted in a reversal and downward trend to get bullish liquidity at the 50.00% Fibonacci level. Bulls were able to bounce toward the 38.2% level at 4048.97 after gaining strength from a strong support level. The price may go in the direction of the 40.00% level if it is rejected at this point. A breach of this level, which would hit the 100% Fibonacci level at 3889.97, would clearly signal the end of a b ullish

is now likely that the two will try to begin moving lower today. If the pair's decline begins to take it downward, it may fall to the bottom edge of this triangle or to a level of 4033.97. It's also necessary for future deterioration. Once it departs this triangle, the pair is probably going to keep going down. Due to strong resistance levels, particularly around $4059.97, where the 21-day and 50-day moving averages (DMA) converge, the price of gold is facing limited upward potential in the present market circumstances. A further obstacle to gold's upward trend is the psychological barrier of $4063.97. A breach, however, would push the price closer to April's high of around $4113.97 and potentially threaten the record high of about $4144.97, indicating a bright future for the precious metal. When the price movement for the H1 time begins to exceed the 24-period moving average, the gold market is beginning to exhibit indications of a bullish trend or a pretty active rise. In light of this, I believe that buyers are still exerting pressure on the market. Because it adheres to the current trend and has a support level at 4008.82, a buy trading strategy would be preferable.