Today, gold (XAUUSD) opened at USD 3760.42 and closed at USD 3788.23, recording a positive variation of 0.74%. This progression indicates a bullish trend for the day, reinforced by the fact that the closing price is close to the day's high at USD 3800. Gold traders can see that this movement is supported by positive forex signals, suggesting buying pressure. The use of MT4 indicators such as the RSI or moving averages could confirm this uptrend, offering interesting gold trading opportunities.
For today, the XAUUSD support and resistance levels are crucial. Gold support is around the day's low at USD 3748.89, while resistance is at USD 3800. The pivot point, calculated as (3800 + 3748.89 + 3788.23) / 3, is USD 3779.04. These levels can be automatically identified using tools such as the Heritage Sentinel, making it easier for traders to make decisions.
1. Scalping strategyIf the price stays above USD 3748.89, scalpers can look for short-term buying opportunities, taking advantage of intraday volatility.
2. Day trading strategyEntry around the USD 3779.04 pivot point with an exit target close to resistance at USD 3800 could be envisaged.
3. Swing Trading StrategyConsider taking long positions if the price continues to close above USD 3779.04, with an MT4 expert advisor to automate entries and exits.
The closing price of USD 3788.23, close to the high of USD 3800, generates a bullish signal for gold trading. Forex alerts can be set up to monitor breaks above resistance, indicating potential buying opportunities.
For effective risk management, it is advisable to place a stop-loss on long positions below USD 3748.89 and on short positions above USD 3800. A good risk/reward ratio is essential to maximise gains and minimise losses, and the use of risk management indicators is recommended.
Based on current technical analysis, if the price continues to close above the average (USD 3774.445), the outlook remains bullish for the short term. Gold forecasts indicate that the XAUUSD trend could strengthen, especially if global economic conditions continue to support demand for gold as a safe-haven asset.
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