Today, gold (XAUUSD) opened at USD 3349.54 and closed at USD 3371.26, recording a positive variation of 0.65%. This progression indicates a bullish trend for the day. The fact that the closing price was close to the day's high (USD 3374.03) reinforces the bullish sentiment. Gold traders can use MT4 indicators such as moving averages or RSI to confirm this trend. Forex signals suggest buying pressure, which could encourage traders to consider long positions. Gold trading currently seems to be enjoying positive momentum, despite rather weak global sentiment.
Support and resistance levels for the XAUUSD are crucial for trading. Gold support is around USD 3336, while XAUUSD resistance is at USD 3374.03. The pivot point is calculated at (3374.03 + 3336 + 3371.26) / 3 = 3360.43 USD. Using a tool like Heritage Sentinelle can help identify these levels automatically and adjust strategies accordingly.
1. Scalping strategy If the price stays above USD 3336, scalpers can look for buying opportunities to take advantage of small fluctuations. An MT4 expert advisor can automate this strategy for fast execution.
2. Day trading strategy Entry at USD 3360 with an exit target close to resistance at USD 3374. A stop-loss can be placed below USD 3336 to limit losses.
3. Swing Trading Strategy Consider taking a long position if the price rises above USD 3374, with a target of USD 3400. An MT4 expert advisor can help manage positions over several days.
The closing price close to the day's high (USD 3371.26) is generating a bullish signal for gold traders. Gold trading signals indicate a possible continuation of the uptrend. Forex alerts can be configured to notify traders when these key levels are reached.
For effective risk management, it is advisable to place a stop-loss for a long position below USD 3336. For a short position, the stop-loss should be above USD 3374.03. The risk/reward ratio must be carefully calculated to maximise gains while minimising losses. Risk management indicators can be integrated into trading platforms to monitor these parameters.
In the short term, if the price closes above the (High + Low)/2 average, i.e. USD 3355.015, the outlook is bullish. This could indicate a continuation of the XAUUSD uptrend. Over the medium term, gold forecasts will depend on the price's ability to maintain or break through current resistance levels. Traders should remain vigilant to economic news and adjust their strategies accordingly.
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