XAUUSD price trace trend analysis-2024/02/26
hello Trade,
Thoughts on the latest developments
Spot gold prices experienced considerable volatility last week. Following the release of some data, the price briefly stalled at $2,034, then fell to $2,016 (near the MA100 moving average), but soon climbed back above $2,034. By Friday's close, the price was near $2,040, showing a fluctuating washout at the lower end of a small cycle uptrend channel. Currently, the price has returned to the small cycle channel, but as it is within the shock range of $2046 to $2013, the short-term trend is not clear. It is recommended that investors adopt a high, low, long strategy and focus on the uptrend within the small cycle.
Fundamental implications
Gold prices continued to rise on Thursday, supported by a slight decline in the US dollar and rising geopolitical risks. Ongoing conflicts in Ukraine and Gaza seem to have supported the oldest safe-haven asset, even as markets expect borrowing costs to remain elevated for longer.
Support and resistance
Downside risk: A break below the 50-day moving average would expose support at the 100-day moving average, currently around $2007. Further declines could test the psychological $2,000 level, and a break below that could turn bearish, accelerating the decline to $1,984 or even the key support level of the 200-day moving average, currently at $1967-1966.
Upside potential: The bulls would need a break above Friday's high, the $2041-2042 area, to place fresh bets. After a successful break, gold prices could challenge the $2,065 supply zone and further buying could push gold prices back to the round $2,100 mark for the first time since early December 2023.
The spot gold market is currently trading around key technical levels, and investors should pay close attention to the support and resistance levels mentioned above. While there may be uncertainty in the market in the short term, long-term safe-haven demand
Looking forward to sailing together towards trading success!
Thoughts on the latest developments
Spot gold prices experienced considerable volatility last week. Following the release of some data, the price briefly stalled at $2,034, then fell to $2,016 (near the MA100 moving average), but soon climbed back above $2,034. By Friday's close, the price was near $2,040, showing a fluctuating washout at the lower end of a small cycle uptrend channel. Currently, the price has returned to the small cycle channel, but as it is within the shock range of $2046 to $2013, the short-term trend is not clear. It is recommended that investors adopt a high, low, long strategy and focus on the uptrend within the small cycle.
Fundamental implications
Gold prices continued to rise on Thursday, supported by a slight decline in the US dollar and rising geopolitical risks. Ongoing conflicts in Ukraine and Gaza seem to have supported the oldest safe-haven asset, even as markets expect borrowing costs to remain elevated for longer.
Support and resistance
Downside risk: A break below the 50-day moving average would expose support at the 100-day moving average, currently around $2007. Further declines could test the psychological $2,000 level, and a break below that could turn bearish, accelerating the decline to $1,984 or even the key support level of the 200-day moving average, currently at $1967-1966.
Upside potential: The bulls would need a break above Friday's high, the $2041-2042 area, to place fresh bets. After a successful break, gold prices could challenge the $2,065 supply zone and further buying could push gold prices back to the round $2,100 mark for the first time since early December 2023.
The spot gold market is currently trading around key technical levels, and investors should pay close attention to the support and resistance levels mentioned above. While there may be uncertainty in the market in the short term, long-term safe-haven demand
Looking forward to sailing together towards trading success!
Use your rational plan to reap future benefits!!!
感谢你的查阅，这个市场上的每个人都想赚钱，所以他们不愿意错过任何机会。
没有人知道顶部在哪里，但底部应该是最好的发现，但泡沫的彩虹也可以骗人，注意安全交易！ ！
希望你能赶上！！！ 你的关注是我分享的动力，我致力于打造PVP陪伴交易。
你也可以通过Tradingview私信我，一起交流更多的交易产品分析。
或通过Wechat跟我联系交流「wechat ID：stephenonline」
感谢你的查阅，这个市场上的每个人都想赚钱，所以他们不愿意错过任何机会。
没有人知道顶部在哪里，但底部应该是最好的发现，但泡沫的彩虹也可以骗人，注意安全交易！ ！
希望你能赶上！！！ 你的关注是我分享的动力，我致力于打造PVP陪伴交易。
你也可以通过Tradingview私信我，一起交流更多的交易产品分析。
或通过Wechat跟我联系交流「wechat ID：stephenonline」