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Intraday Signals for Gold (XAUUSD) - Current Price $2622 USD
Buy signal: Enter at $2615 USD with a target of $2635 USD, Stop Loss at $2605 USD.
Sell Signal: Enter at $2630 USD with a target of $2600 USD, Stop Loss at $2640 USD.
Gold XAUUSD Weekly Market Analysis
Gold is currently trading at $2622, presenting a critical juncture for traders. By analyzing indicators such as Fibonacci retracements, EMA (Exponential Moving Average), RSI divergence, and weekly pivots, we can derive valuable insights into potential price movements.
Fibonacci Levels:
Based on the recent uptrend from $2550 to $2650, the 50% retracement level aligns with $2600, acting as a strong support level. Gold is currently hovering near the 61.8% retracement at $2620, signaling potential bullish momentum if it holds. If broken, the 78.6% level at $2585 could be the next target for bears.
EMA Analysis:
The 100 EMA stands at $2610 on the daily chart, providing a solid support level, while the 200 EMA at $2590 and the 400 EMA at $2560 mark deeper support zones. The alignment of these EMA levels indicates that any pullback may offer buying opportunities, especially if price retraces to the 200 or 400 EMA.
RSI Divergence:
The RSI (Relative Strength Index) has recently shown a bullish divergence on the 4-hour chart, suggesting that upward momentum could build. However, a drop below the key level of $2610 could lead to a potential sell-off.
Weekly Pivots:
This week’s pivot point is positioned at $2625, very close to the current market price. A sustained break above this level could push Gold towards the first resistance at $2640, while failure to hold may send it towards the support zone of $2600.
Support and Resistance Levels (SMC Concepts): Market structure concepts (SMC) indicate that Gold is oscillating between the $2600-$2650 range, a crucial area of liquidity. The $2600 level remains a psychological barrier that, if breached, could pave the way for a deeper correction to $2580. On the flip side, breaking $2650 could open the door to $2680 in the short term.
Support and Resistance Key Levels (Daily and 4-Hour Time Frame):
Daily Time Frame:
Support: $2600, $2585
Resistance: $2640, $2680
Fibonacci: 50% at $2600, 61.8% at $2620
EMA: 100 EMA at $2610, 200 EMA at $2590, 400 EMA at $2560
Weekly Pivot: $2625
4-Hour Time Frame:
Support: $2610, $2590
Resistance: $2635, $2650
RSI Divergence: Bullish above $2610
With these levels in mind, Gold is currently at a tipping point. As per Gold XAUUSD Weekly Market Analysis, traders should monitor price action closely as a break above $2630 could confirm further upside potential, while a dip below $2610 may indicate bearish sentiment.
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