XAU/USD: Overbought Signals in Short-Term Dip of Bullish Trend
Hello Everyone,
Over the past week, there has been a decrease of -0.84% in XAU/USD, but the one-day performance remains positive at +0.10%. Looking at the broader picture, the one-month performance shows an increase of +0.99%, and the three-month performance indicates a substantial rise of +11.60%. Despite these fluctuations, it's noteworthy that XAU/USD appears overbought in higher timeframes.
The overall trend in higher timeframes remains bullish, gaining momentum even in the lower timeframes. Consequently, gold is still considered a viable buy. There is potential for a rebound, either from the daily 20 SMA/EMA (2041.134/2043.328) or the 50 SMA/EMA (2013.328/2014.848).
It's crucial to closely monitor economic indicators, particularly the Thursday CPI report and Friday's PPI reports, as they can significantly impact market dynamics.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Over the past week, there has been a decrease of -0.84% in XAU/USD, but the one-day performance remains positive at +0.10%. Looking at the broader picture, the one-month performance shows an increase of +0.99%, and the three-month performance indicates a substantial rise of +11.60%. Despite these fluctuations, it's noteworthy that XAU/USD appears overbought in higher timeframes.
The overall trend in higher timeframes remains bullish, gaining momentum even in the lower timeframes. Consequently, gold is still considered a viable buy. There is potential for a rebound, either from the daily 20 SMA/EMA (2041.134/2043.328) or the 50 SMA/EMA (2013.328/2014.848).
It's crucial to closely monitor economic indicators, particularly the Thursday CPI report and Friday's PPI reports, as they can significantly impact market dynamics.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Bình luận:
The daily pivot point for gold is currently at 2028.373. If gold fails to surpass this level, there is potential for further downside, indicating a potential decrease in the gold price towards 2010!
Bình luận:
Another solid week, have a good weekend everyone!