FX.co ★ Fxcaptain | XAU/USD, GOLD

T E C H N I C A L _ A N A L Y S I S X A U / U S D Good Morning, I hope that my staff members and administrators are doing well. Let's attempt to assess the XAU/USD market right now. I'm hoping it will be helpful for you. The XAU/USD price is 4298 at the time of writing this forecast. Now, for the current price movement in XAU/USD, we can see that the price is trying to rise, and if today this bearish momentum continues, the price will reach the 4320 level. However, the price increase is reasonable given that the dollar is losing strength and the XAU/USD market is currently bullish. If we look at the technical indicators like the moving average convergence divergence (MACD) and the Relative Strength Index (RSI), both are in the bullish zone in this chart. That indicates that the market is still bullish, and the future is with the bulls now.

The 20-day exponential moving average and the 50-day exponential moving average are still pushing the price toward the 4320 level, which is the main target of the buyers. We can observe several colored markers that represent supply and demand zones on this chart. The early resistance level for XAU/USD is 4320. If XAU/USD breaches the resistance, the area around $4340 may serve as an additional upside barrier, and a breach there would prompt bulls to target the area around $4360. On the other hand, the early support level for XAU/USD is 4270. If XAU/USD breaches the support, the area around $4250 may serve as an additional downside barrier, and a breach there would prompt bears to target the area around $4230. I am very sure the price will weaken even further to the support area in 4230. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: