Today, gold (XAUUSD) showed strong bullish momentum, opening at USD 3766 and closing at USD 3839.17. This represents a variation of +1.95% between the opening and closing. The price reached a high of USD 3844.78, indicating significant buying pressure. Analysis of MT4 indicators, such as moving averages and the RSI, could confirm this uptrend. Current forex signals suggest that gold trading could continue to benefit from cautious optimism in global markets, reinforced by expectations of a Fed rate cut.
The support and resistance levels for the XAUUSD are USD 3755.67 and USD 3844.78 respectively. The pivot point, calculated at (3844.78 + 3755.67 + 3839.17) / 3, is USD 3813.87. These levels are crucial for traders looking to identify potential reversal zones. The Heritage Sentinel tool can automate the identification of these levels, making gold trading easier.
1. Scalping strategy If the price stays above USD 3755.67, scalpers can take advantage of rapid movements by using an MT4 expert advisor to automate entries and exits.
2. Day trading strategy Entry around the pivot point at USD 3813.87 with an exit target close to the high at USD 3844.78.
3. Swing Trading Strategy The following points should be borne in mind: Watch for a pullback towards support at USD 3755.67 and go long, aiming for a recovery towards resistance levels.
The closing price of USD 3839.17, close to the day's high, is generating a strong bullish signal for gold trading. Forex alerts indicate a buying opportunity, reinforced by the current trend. Gold trading signals should be monitored to optimise positions.
For a long position, a stop-loss below USD 3755.67 is recommended. For a short position, a stop-loss above USD 3844.78 is prudent. The risk/reward ratio must be carefully calculated, using risk management indicators to protect capital.
Closing above the (High + Low)/2 average, at USD 3800.225, suggests a short-term bullish outlook for the XAUUSD. Gold forecasts indicate that the trend could continue, supported by current economic conditions. Traders should remain vigilant to macroeconomic developments influencing the XAUUSD trend.
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