Today’s Gold Analysis Overview:
- General Trend: Upward.
- Today's Gold Price Support Points: $3205 – $3165 – $3130 per ounce.
- Today's Gold Price Resistance Points: $3235 – $3260 – $3300 per ounce.
Gold Trading Signal Today:
- Sell gold from the resistance at $3250, with a target of $3170 and a stop loss of $3280.
- Buy gold from the support at $3155, with a target of $3270 and a stop loss of $3120.
Technical Analysis of Gold Price (XAU/USD) Today:
Gold trading remains bullish, and breaking the $3200 per ounce resistance confirms the strength of the gold bulls' control over the trend. According to gold trading platform data, the gold price index moved to the resistance level of $3245 per ounce, the highest in gold price history, before the price of gold bullion settled around $3216 at the time of writing the analysis.
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According to the performance on the daily timeframe chart, the direction is strongly upward, and the movement of technical indicators has reached the overbought zone after the recent consecutive record gains. This is evident in the performance of the Relative Strength Index (RSI) and the MACD indicator, along with the Stochastic oscillator. Therefore, be cautious about initiating profit-taking sell operations if the gold market does not find further impetus. Troublesome US trade policies continue to negatively affect the future of global economic recovery and will also impact the monetary policy plans of global central banks, which may give the gold market greater strength and attention in the future.
Trading Tips:
The gold price trend will remain upward as long as its current drivers of gains persist.
Gold trading scenarios for the coming days:
According to the expected bullish gold scenario: The continued stability of spot gold prices above the $3200 per ounce resistance increases the future bullish expectations for gold prices in the coming days. According to today's gold analysts' expectations, and banks and global institutions have raised forecasts for the future of gold prices to bullish levels of $3500 and $4000 per ounce respectively. This could happen quickly and in less time if global geopolitical tensions increase, the pace of central bank gold purchases increases, and the US dollar price continues to decline.
According to the expected bearish gold scenario: Based on the performance on the daily chart above, an initial break of the trend will not occur without the price of an ounce of gold returning below $3000 as a first stage, and the formation of a bearish channel for gold prices will be confirmed by moving towards the next important support level of $2940 per ounce. This requires a calming of global demand for gold purchases and a return of global trade to its normal course before the imposition of US tariffs.
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