XAUUSD Gold Technical Analysis And Trade Idea
Fundamentals by Reuters:
Gold prices held steady on Tuesday, buoyed by a weaker dollar as investors waited for inflation data for clues on the pace of U.S. interest rate hikes.
Spot gold was mostly unchanged at $1,322 an ounce, as of 0102 GMT. On Monday, it rose 0.5 percent in its biggest one-day percentage gain in more than a week.
U.S. gold futures were down 0.1 percent at $1,324.6 per ounce.
Asian stocks pulled further away from two-month lows on Tuesday, lifted by Wall Street’s extended rebound from last week’s steep fall.
U.S. Treasury yields rose on Monday, with benchmark 10-year yields hitting a four-year high and those on 30-year bonds climbing to an 11-month peak, as a stock rally and improving risk appetite diminished the safe-haven appeal of government debt.
XAUUSD Gold Technicals Analysis:
Gold is trading 1325 as of writing.
The trend and the technical indicators are Bullish on the smaller chart timeframes.
XAUUSD is still below EMA 50 in the H4 chart. RSI is bullish and headed North.
1328 USD is the first target of the Gold. This level is the first important resistance.
Gold will gain strength with the breakout of 1328 and the trend line.
Today’s target levels are 1.332 and 1335.
1335 is an important resistance – MA 100 resistance- and closing above 1335 will take price to 1343 and 1351.
Our Trade Idea :
Buy Gold @ 1325, Stop Loss 1.318, Take Profit: 1.351.