Levont - XAU/USD: Bullish Channel and Critical Fibonacci Levels
XAUUSD Analysis (Gold Spot/USD)
📈 Overview: 2-Day Chart (Left)
- Primary Trend:
Gold remains in a well-defined uptrend within an ascending channel, characterized by higher highs and higher lows since mid-2024. This structure confirms the bullish bias in the market.
- Exponential Moving Averages (EMAs):
The EMAs (20, 50, 100, and 200 periods) are aligned in ascending order, reinforcing the uptrend.
- Current Price: Above both the EMA 20 ($2,640.03) and EMA 50 ($2,602.38), acting as immediate dynamic supports.
- Key Support & Resistance Levels:
- Resistance: The channel's upper boundary (~$2,690) has been tested multiple times, indicating a strong rejection zone.
- Support: The channel's lower boundary and the EMA 200 ($2,324.91) serve as critical levels to sustain the bullish structure.
- RSI Indicator:
- Value: RSI at 51.91 is in a neutral zone with a slight bearish divergence observed earlier, indicating weakening bullish momentum. No overbought/oversold signals are present.
📊 Short-Term Analysis: 16-Hour Chart (Right)
- Recent Price Action:
Two consecutive highs near $2,660 (highlighted by red circles) suggest significant resistance at this level.
- Current Retracement:
- 38.2% Fibonacci ($2,639): Immediate support.
- 61.8% Fibonacci ($2,637): A crucial level within the ascending channel.
- Technical Projection:
If price respects the Fibonacci levels and the channel's dynamic support, a rebound toward $2,690 is probable. A break below $2,637, however, could lead to further downside targeting:
- $2,600: Dynamic EMA support.
- $2,495: Horizontal support.
- RSI Indicator:
- Value: RSI at 54.77 shows an upward trend from prior lows, with no significant divergences, suggesting room for further bullish movement post-retracement.
📈 Overview: 2-Day Chart (Left)
- Primary Trend:
Gold remains in a well-defined uptrend within an ascending channel, characterized by higher highs and higher lows since mid-2024. This structure confirms the bullish bias in the market.
- Exponential Moving Averages (EMAs):
The EMAs (20, 50, 100, and 200 periods) are aligned in ascending order, reinforcing the uptrend.
- Current Price: Above both the EMA 20 ($2,640.03) and EMA 50 ($2,602.38), acting as immediate dynamic supports.
- Key Support & Resistance Levels:
- Resistance: The channel's upper boundary (~$2,690) has been tested multiple times, indicating a strong rejection zone.
- Support: The channel's lower boundary and the EMA 200 ($2,324.91) serve as critical levels to sustain the bullish structure.
- RSI Indicator:
- Value: RSI at 51.91 is in a neutral zone with a slight bearish divergence observed earlier, indicating weakening bullish momentum. No overbought/oversold signals are present.
📊 Short-Term Analysis: 16-Hour Chart (Right)
- Recent Price Action:
Two consecutive highs near $2,660 (highlighted by red circles) suggest significant resistance at this level.
- Current Retracement:
- 38.2% Fibonacci ($2,639): Immediate support.
- 61.8% Fibonacci ($2,637): A crucial level within the ascending channel.
- Technical Projection:
If price respects the Fibonacci levels and the channel's dynamic support, a rebound toward $2,690 is probable. A break below $2,637, however, could lead to further downside targeting:
- $2,600: Dynamic EMA support.
- $2,495: Horizontal support.
- RSI Indicator:
- Value: RSI at 54.77 shows an upward trend from prior lows, with no significant divergences, suggesting room for further bullish movement post-retracement.
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