Gold (XAUUSD) on the H4 timeframe is in a downtrend, currently traded around 2857.30, after extended bearish pressure over the past sessions. The price has reached a significant support level near 2833.96, where buyers are attempting to hold the price. A further breakdown below this level could trigger deeper losses, while a bounce may initiate a short-term corrective move.
XAUUSD is trading below the 50-period moving average, reinforcing the bearish outlook. The Fibonacci retracement levels indicate that price is struggling near the 23.6% level at 2862.60, suggesting weak bullish momentum. A sustained move above this level could push the price toward the 38.2% retracement at 2873.40, while failure to hold may lead to a retest of the recent lows.
The MACD (12,26,9) stands at -20.092/-15.666, confirming strong bearish momentum with no clear signs of divergence. Volume analysis suggests decreasing selling pressure, which could hint at potential consolidation. However, a bullish reversal would require a break above key resistance levels along with rising momentum.
Market Observation & Strategy Advice:
1. Key support: 2833.96 – A breakdown could accelerate selling pressure toward 2815.00.
2. Key resistance: 2862.60 (23.6% Fibonacci) – A break above this could trigger a move toward 2873.40 (38.2% Fibonacci).
3. Bearish pressure remains dominant, but price action near support suggests potential short-term consolidation.
4. Trading strategy:
5. MACD remains bearish, suggesting further downside risk unless price confirms a reversal pattern.
Market Performance:
Commodities Last Price % Change
XAGUSD 31.24 +0.27%
USOUSD 70.46 +0.69%
Today’s Key Economic Calendar:
CN: Caixin Manufacturing PMI
EU: Inflation Rate YoY Flash
US: ISM Manufacturing PMI
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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