Today, gold (XAUUSD) showed strong bullish momentum. The price opened at USD 3994.92 and closed at USD 4060.3, representing an increase of 1.64%. This significant rise, coupled with a daily high of USD 4079.48, indicates a clear uptrend. Gold traders can use MT4 indicators to confirm this trend, such as moving averages and the RSI. Current forex signals suggest that gold could continue this upward momentum, especially with the global economic environment favouring safe-haven assets such as gold.
Support and resistance levels are crucial for gold trading. Gold support is located around the day's low at 3992.98 USD, while XAUUSD resistance is close to the high at 4079.48 USD. The pivot point, calculated as (4079.48 + 3992.98 + 4060.3) / 3, is USD 4044.92. Using tools like Heritage Sentinelle can help to identify these levels automatically and adjust strategies accordingly.
1. Scalping strategy If the price stays above USD 3992.98, traders can consider short positions with quick profits. An MT4 expert advisor can automate this approach to maximise profits.
2. Day trading strategy Entry around the pivot point at USD 4044.92 with an exit target close to resistance at USD 4079.48. This strategy takes advantage of intraday volatility.
3. Swing trading strategy The chart below: Watch for a break above USD 4079.48 and go long, aiming for higher levels in the medium term.
The closing price of USD 4060.3, close to the day's high, is generating a strong bullish signal. Gold trading signals and forex alerts indicate a possible continuation of the uptrend, offering buying opportunities.
For effective risk management, place a stop-loss on long positions below USD 3992.98. For short positions, a stop-loss above USD 4079.48 is recommended. The risk/reward ratio should be carefully assessed, and risk management indicators can help optimise positions.
With a close above the (High + Low)/2 average, i.e. USD 4036.23, gold forecasts are bullish in the short term. The XAUUSD trend could strengthen if the global economic environment continues to support safe-haven assets. Traders must remain vigilant and adjust their strategies in line with market developments.
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