Today, gold (XAUUSD) opened at USD 3634.01 and closed at USD 3646.53, marking a positive variation of 0.34%. This rise, albeit modest, indicates a short-term uptrend. The closing price close to the day's high (USD 3648.48) reinforces this bullish signal. Gold traders using MT4 indicators could see favourable forex buying signals. Consolidation around these levels could indicate a continuation of the uptrend, especially if the resistance levels are breached.
The key support and resistance levels for XAUUSD today are based on the low of 3630.53 USD and the high of 3648.48 USD. The pivot point is calculated at 3641.18 USD ((3648.48 + 3630.53 + 3646.53) / 3). "Heritage Sentinel can be used to automatically identify these critical levels. Gold support is therefore located around USD 3630.53, while XAUUSD resistance is close to USD 3648.48.
1. Scalping strategyIf the price stays above 3630.53 USD, scalpers can take advantage of small fluctuations by using an MT4 expert advisor to automate quick entries and exits.
2. Day trading strategyBuy entry if the price rises above USD 3641.18 (pivot point) with an exit target close to USD 3648.48. Use a stop-loss below 3630.53 USD.
3. Swing Trading StrategyStrategy: Watch for a break above USD 3648.48 for a long position, aiming for a prolonged upward movement. An MT4 expert advisor can help manage this strategy over several days.
The closing price of USD 3646.53, close to the high, is a bullish signal for gold trading signals. Forex alerts could indicate buying opportunities if resistance is breached.
For a long position, a stop-loss below 3630.53 USD is recommended. For a short position, place a stop-loss above USD 3648.48. The risk/reward ratio must be carefully assessed, using risk management indicators to optimise trades.
The close above the average ((3648.48 + 3630.53)/2 = 3639.505) suggests a short-term bullish outlook. Gold forecasts suggest that if this momentum holds, the XAUUSD trend could continue to be positive, especially with favourable technical signals.
Discover our expert MT4/MT5 indicator used by over 500 professional traders