Based on a technical analysis of the XAU/USD forex pair, it appears that the bullish trend is likely to continue while respecting previous lows. The analysis is based on several key technical indicators, including the price action, moving averages, and support and resistance levels.
Firstly, the price action of XAU/USD has been consistently making higher highs and higher lows, indicating a clear uptrend. Additionally, the 50-day and 200-day moving averages are both sloping upwards, confirming the bullish trend.
Furthermore, the price has been respecting key support levels, with previous lows acting as important levels of support. This suggests that there is a strong buying interest at these levels, which is likely to provide support for the price in the future. It's important to note, however, that if these support levels are broken, it could signal a shift in the overall trend.
Finally, the Relative Strength Index (RSI) is currently in the overbought territory, indicating that the price may be due for a pullback. However, this pullback is likely to be temporary, as the overall bullish trend remains intact.
In conclusion, the technical analysis of XAU/USD suggests that the pair is likely to continue on a bullish trend while respecting previous lows. However, it's important to monitor key support levels and the RSI for potential shifts in the trend.
TP: 2060
SL: 1972
Firstly, the price action of XAU/USD has been consistently making higher highs and higher lows, indicating a clear uptrend. Additionally, the 50-day and 200-day moving averages are both sloping upwards, confirming the bullish trend.
Furthermore, the price has been respecting key support levels, with previous lows acting as important levels of support. This suggests that there is a strong buying interest at these levels, which is likely to provide support for the price in the future. It's important to note, however, that if these support levels are broken, it could signal a shift in the overall trend.
Finally, the Relative Strength Index (RSI) is currently in the overbought territory, indicating that the price may be due for a pullback. However, this pullback is likely to be temporary, as the overall bullish trend remains intact.
In conclusion, the technical analysis of XAU/USD suggests that the pair is likely to continue on a bullish trend while respecting previous lows. However, it's important to monitor key support levels and the RSI for potential shifts in the trend.
TP: 2060
SL: 1972