Wednesday 29th March 2023: Technical Outlook and Review
Gold prices have been exhibiting bullish momentum, supported by the fact that price is currently above the bullish Ichimoku cloud. In the near term, prices could potentially continue to rise towards the first resistance level.
Tuesday 28th March 2023: Technical Outlook and Review
Gold Maintains Bullish Momentum, Could See Continuation Towards Resistance Levels Gold's overall momentum remains bullish, as the precious metal continues to trade above key support levels. Currently, gold is trading at around $1965.00 against the US dollar.
Monday 27th March 2023: Technical Outlook and Review
The XAU/USD chart is currently showing bearish momentum, with potential for a continuation towards the first support level at 1948, which is an overlap support level. If prices were to drop further, they could reach the second support level at 1881, which is also an overlap support level and coincides with the 61.80% Fibonacci retracement level.
Friday 24th March 2023: Technical Outlook and Review
The XAU/USD chart is currently showing a bearish momentum. Price could potentially make a bearish reaction off the first resistance level at 2007 and drop towards the first support level at 1957. This support level is an overlap support and has held prices up in the past.
Thursday 23rd March 2023: Technical Outlook and Review
The XAU/USD chart shows a bullish momentum, and price could potentially continue to rise towards the 1st resistance level at 2007.00, which is a swing high resistance level. The 1st support level at 1957.00 is a strong overlap support level, which could provide a bounce if price were to drop.
Wednesday 22nd March 2023: Technical Outlook and Review
Gold could potentially make a bullish bounce off the first support level at $1933 and head towards the first resistance level at $1957. The $1933 level is an overlap support, coinciding with the 38.20% Fibonacci retracement, which could act as a strong support level.
Tuesday 21st March 2023: Technical Outlook and Review
The XAU/USD chart shows a bearish overall momentum, but price could potentially rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support. The 1st support level is at 1957.28, which is a pullback support level with a 23.60% Fibonacci retracement.
Monday 20th March 2023: Technical Outlook and Review
Gold prices have been under bearish pressure for quite some time now, and the overall momentum of the XAU/USD chart remains bearish. There are several factors contributing to this bearishness, such as the downtrend being reinforced by a major descending trend line.
Friday 17th March 2023: Technical Outlook and Review
XAU/USD is currently bullish. The chart analysis identifies that the price may potentially make a bullish continuation towards the 1st resistance level. The 1st support level is identified at 1913, which is considered to be an overlap support and at the 23.60% Fibonacci retracement level.
