Today, gold (XAUUSD) showed a strong uptrend. The price opened at USD 3685.43 and closed at USD 3757.88, marking a significant increase. The percentage change between the opening and closing was around 1.96%. This increase indicates significant buying pressure, confirmed by the fact that the closing price is very close to the high for the day at USD 3759.29. MT4 indicators such as the RSI and moving averages could be showing bullish forex signals, reinforcing confidence in gold trading. Traders should monitor these signals to optimise their positions.
Support and resistance levels are crucial for gold trading. Gold support is around the day's low at USD 3684.78, while XAUUSD resistance is close to the high at USD 3759.29. The pivot point, calculated as (3759.29 + 3684.78 + 3757.88) / 3, is USD 3734.65. Heritage Sentinelle can help identify these levels automatically, giving traders a strategic advantage.
1. Scalping strategyIf the price stays above USD 3684.78, scalpers can look for quick buying opportunities. Using an MT4 expert advisor to automate quick entries and exits can be beneficial.
2. Day trading strategyLong entry if the price breaches the pivot point at USD 3734.65, with an exit near resistance at USD 3759.29. A short entry could be considered if the price breaks support at USD 3684.78.
3. Swing Trading StrategyThe following points should be borne in mind: Monitor movements around the pivot point for longer positions, aiming for targets beyond the current resistance levels.
The closing price of USD 3757.88, close to the high, is generating a strong bullish signal. Traders should pay close attention to forex alerts to pick up these gold trading signals. Technical indicators can provide additional confirmation for entering the market.
For a long position, a stop-loss below USD 3684.78 is recommended, while a stop-loss for a short position should be placed above USD 3759.29. The risk/reward ratio is crucial to minimising potential losses and maximising gains. Risk management indicators can help to adjust these levels in line with market volatility.
With a close above the (High + Low)/2 average, the short-term outlook is bullish. If this trend continues, gold forecasts for the medium term could see the XAUUSD test new highs. Traders should monitor the XAUUSD trend to adjust their strategies accordingly.
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