Today, the XAUUSD opened at USD 3869.18 and closed slightly lower at USD 3868.99, marking a negative variation of -0.005% between the open and close. This small change indicates a day of consolidation, with the gold market showing little clear direction. Gold traders using MT4 indicators may observe an absence of strong forex signals, suggesting caution in taking positions. The closeness of the opening and closing prices, as well as the narrowness of the price range, reflect hesitation among market participants, probably influenced by current economic uncertainties, such as the risk of a US government shutdown.
For gold trading, support and resistance levels are crucial. Gold support is identified at USD 3863.93, while XAUUSD resistance is at USD 3886.03. The pivot point, calculated as (3886.03 + 3863.93 + 3868.99) / 3, is USD 3869.65. These levels can be automatically identified using the Heritage Sentinel, a valuable tool for traders looking to optimise their strategies.
1. Scalping strategy If the price stays above support at USD 3863.93, scalpers can look for quick buying opportunities, taking advantage of small fluctuations. An MT4 expert advisor can automate these quick entries and exits.
2. Day trading strategy Buy long: Consider going long if the price rises above the USD 3869.65 pivot point, with a target close to resistance at USD 3886.03. Exit if the price falls back below the pivot.
3. Swing Trading Strategy For a longer approach, watch for a break above USD 3886.03 to go long, with a stop-loss below support at USD 3863.93, using an MT4 expert advisor to manage positions.
With the closing price close to the day's low, this could be interpreted as a bearish signal for gold trading signals. Forex alerts should be monitored to confirm this potential trend.
For prudent risk management, place a stop-loss below USD 3863.93 for long positions and above USD 3886.03 for short positions. The use of risk management indicators is crucial to maintaining a favourable risk/reward ratio, which is essential for a sustainable trading strategy.
If the price closes above the (High + Low)/2 average, i.e. USD 3874.98, the outlook could become bullish in the short term. However, the current close below this level suggests a short-term bearish XAUUSD trend. Gold forecasts need to be adjusted according to future economic developments and price movements.
Discover our expert MT4/MT5 indicator used by over 500 professional traders
English (UK) 
Français