XAUUSD: What's attractive about the 1W framework?
It's great to see you all today!
Overall, the price of gold has impressively surged ahead of the Easter holiday season. Specifically, the price of gold has experienced a sharp increase from $2197 to $2233 and closed at this level, marking a significant gain of over $36 in just one day.
It can be observed that the price of gold is hovering at a high level, with strong activity on most exponential moving averages (EMA) such as 34 and 89.
In particular, the 1-week setup indicates that the upward channel remains intact, with the price approaching the psychological resistance level of $2250 and the upper limit of the ascending channel. If the bullish camp continues to receive good support from the breakout and considers it as a strong short-term support level, it would not be surprising to witness gold rallying towards the designated level (but still limited below the resistance level of $2250).
Regarding the new outlook for XAUUSD: Upon careful observation of the chart, we can see that the closing candle on Thursday is far away from the EMA 34,89, indicating a weakening bullish momentum. Additionally, the RSI technical indicator also suggests overbought conditions, which theoretically implies a quick correction in price. In this scenario, XAUUSD could correct towards the 2150 and 2080 targets and test the 34.89 EMA.
Overall, the price of gold has impressively surged ahead of the Easter holiday season. Specifically, the price of gold has experienced a sharp increase from $2197 to $2233 and closed at this level, marking a significant gain of over $36 in just one day.
It can be observed that the price of gold is hovering at a high level, with strong activity on most exponential moving averages (EMA) such as 34 and 89.
In particular, the 1-week setup indicates that the upward channel remains intact, with the price approaching the psychological resistance level of $2250 and the upper limit of the ascending channel. If the bullish camp continues to receive good support from the breakout and considers it as a strong short-term support level, it would not be surprising to witness gold rallying towards the designated level (but still limited below the resistance level of $2250).
Regarding the new outlook for XAUUSD: Upon careful observation of the chart, we can see that the closing candle on Thursday is far away from the EMA 34,89, indicating a weakening bullish momentum. Additionally, the RSI technical indicator also suggests overbought conditions, which theoretically implies a quick correction in price. In this scenario, XAUUSD could correct towards the 2150 and 2080 targets and test the 34.89 EMA.
Trade active
Related Ideas
