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Current Market Overview
As of the latest update, the live market price of Gold (XAUUSD) is $2,648. This article provides in-depth market analysis and actionable intraday trading setups to help you navigate the Gold market effectively.
Intraday Trading Setups
First Trading Setup
At the current price of $2,648, consider entering a long position if the price retraces to the $2,620 level, with a target at $2,670. Set a stop loss just below $2,610 to manage risk effectively.
Second Trading Setup
Alternatively, if the price reaches $2,675, look for a short entry with a target at $2,640. Place your stop loss above $2,690 to ensure proper risk management.
Market Analysis
Support & Resistance Levels
Analyzing the daily and 4-hour timeframes reveals several key support and resistance levels:
Daily Support Levels: $2,620, $2,600, $2,580
Daily Resistance Levels: $2,670, $2,690, $2,710
4-Hour Support Levels: $2,640, $2,630, $2,620
4-Hour Resistance Levels: $2,660, $2,675, $2,680
Fibonacci Retracement Levels
Utilizing Fibonacci retracement levels from the recent swing high to swing low, we observe:
Daily Swing High: $2,700
Daily Swing Low: $2,600
Key Fibonacci Levels: 23.6% at $2,650, 38.2% at $2,620, 61.8% at $2,590
Exponential Moving Averages (EMA)
The EMAs provide insight into the market trend:
Daily EMA Levels:
50 EMA: $2,640
100 EMA: $2,620
200 EMA: $2,600
400 EMA: $2,580
4-Hour EMA Levels:
50 EMA: $2,655
100 EMA: $2,645
200 EMA: $2,635
400 EMA: $2,620
RSI Divergence
The Relative Strength Index (RSI) is currently at 55, indicating that the market is neither overbought nor oversold. However, a divergence can be observed, suggesting potential reversals.
Order Blocks
Identifying order blocks on the daily chart shows significant buying activity around $2,600 and selling pressure near $2,700. This indicates potential areas for future price action.
MACD Analysis
The MACD is showing bullish momentum, with the MACD line above the signal line. This suggests that the current trend may continue unless significant resistance is met.
Fundamental Analysis and USD News
Upcoming important USD news that could impact the Gold market includes:
Non-Farm Payrolls: Scheduled for later this month, this report typically influences Gold prices as it affects USD strength.
Inflation Data: Any updates regarding inflation will also be crucial for Gold traders, as higher inflation generally supports Gold prices.
💡XAUUSD Daily Analysis Summary by K9 Investments Trading
For further insights, connect with us on WhatsApp or join our FREE Telegram Channel: @K9_Investments_GoldTrading here.
Key Levels Summary
Daily Support Levels: $2,620, $2,600, $2,580
Daily Resistance Levels: $2,670, $2,690, $2,710
4-Hour Support Levels: $2,640, $2,630, $2,620
4-Hour Resistance Levels: $2,660, $2,675, $2,680
EMA Levels (Daily): 50 EMA: $2,640, 100 EMA: $2,620, 200 EMA: $2,600, 400 EMA: $2,580
EMA Levels (4-Hours): 50 EMA: $2,655, 100 EMA: $2,645, 200 EMA: $2,635, 400 EMA: $2,620
Weekly Pivots: $2,650, $2,670, $2,690
Daily Pivots: $2,640, $2,660, $2,680
Fibonacci Levels: 23.6% at $2,650, 38.2% at $2,620, 61.8% at $2,590
Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss and Proper Risk Management.
FAQs
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