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Gold (XAUUSD) continues its bullish momentum, reaching (highest) 2886.29, after breaking key resistance at 2772.16. The strong uptrend is supported by price action above the middle Bollinger Band, signaling sustained buying pressure.
XAUUSD has maintained a strong uptrend, trading within the upper Bollinger Band range. The price is well above the 2772.16 support, with a new resistance forming around 2851.60. The stochastic oscillator (5,3,3) shows overbought conditions at 90.49, suggesting potential short-term consolidation or correction. However, momentum remains strong, as buyers continue to push prices higher, potentially targeting new highs.
Market Observation & Strategy Advice:
1. Key Resistance: 2851.60 – A breakout above this level could lead to further gains toward new highs.
2. Key Support: 2772.16 – Holding above this level maintains the bullish trend.
3. Momentum: Stochastic at 90.49 indicates overbought conditions; potential short-term pullback before further upside.
4. Trading Strategy: Buy on dips above 2772.16, with caution around resistance 2851.60 for potential reversals.
5. Risk Management: Stop-loss below 2772.16 to protect against downside risk.
Market Performance:
Commodities Last Price % Change
USOUSD 71.443 −0.01%
XAGUSD. 31.90 +0.31%
Today’s Key Economic Calendar:
JP: Current Account
CN: New Yuan Loans
EU: ECB President Lagarde Speech
CA: BoC Market Participant Survey
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.
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