Gold May Continue Rising – Signs of Short-Term Recovery Emerging

Gold is showing a strong recovery from the recent low of $3280/oz and has now surpassed the key resistance at $3325, currently trading around $3330. The upward momentum remains intact as gold continues to trade above the EMA 09, indicating that bulls are still in control in the short term.
There is a possibility that gold could retrace slightly to the $3310 zone to gather momentum before pushing higher toward the next resistance at $3350.

Key factors supporting the short-term bullish outlook:
• The US dollar has temporarily weakened after economic data came in less impressive, giving gold room to rise.
• Gold demand has seen a slight rebound from ETFs after recent sell-offs.
• Geopolitical tensions in the Middle East and cautious sentiment in equity markets continue to support gold as a safe-haven asset.

🔍 Technical Analysis:
• Price remains above the EMA 09, indicating the bullish trend is still intact.
• Nearest support: $3310 – could be an attractive entry point for buyers.
• Next resistance: $3350 – serves as the immediate upside target.
• Bullish candlestick patterns are forming with no strong reversal signals so far.

💡 Suggested Trade Strategy (Short-Term Bias: Bullish):
• BUY XAU/USD at 3310 – 3312
🎯 TP: 3325 – 3327
❌ SL: 3307
• BUY XAU/USD at 3320 – 3322
🎯 TP: 3335 – 3337
❌ SL: 3317