XAUUSD : Gold is pushing towards record territory
Gold prices steady amid mixed US PPI data, investors ready for tonight's CPI data
Gold's rally continues after falling on Monday at $2,357, but has yet to surpass the recent high of $2,378, recorded on May 10. This could cause the XAU/ USD moves sideways within a certain price range. According to the RSI indicator, the current trend is beneficial for investors holding gold.
Therefore, the first level of resistance for XAU/USD will be the high of May 10, which is $2,378. If surpassed, the next level will be $2,400, followed immediately by the April 19 high of $2,417 and the historical peak of $2,431.
Conversely, if bears prevail and push the price below $2,359, it could lead to a decline to the May 9 low of $2,306, then to $2,300. Once crossed, the next stop will be the 50-day SMA at $2,249.
Gold's rally continues after falling on Monday at $2,357, but has yet to surpass the recent high of $2,378, recorded on May 10. This could cause the XAU/ USD moves sideways within a certain price range. According to the RSI indicator, the current trend is beneficial for investors holding gold.
Therefore, the first level of resistance for XAU/USD will be the high of May 10, which is $2,378. If surpassed, the next level will be $2,400, followed immediately by the April 19 high of $2,417 and the historical peak of $2,431.
Conversely, if bears prevail and push the price below $2,359, it could lead to a decline to the May 9 low of $2,306, then to $2,300. Once crossed, the next stop will be the 50-day SMA at $2,249.
Trade active
🔝 XAUUSD BUY 2353 - 2355 🪙🪙🪙✔️ TP 2360
✔️ TP2 2365
❌ SL 2345
🔝 XAUUSD BUY LIMIT 2347 - 2349 🪙🪙🪙
✔️ TP : 2355
✔️ TP1 : 2360
❌ SL 2340
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.