Today, gold (XAUUSD) opened at USD 3949.55 and closed at USD 3971.26, marking a rise of 0.55% on the day. This progression indicates a bullish trend, supported by the fact that the closing price is close to the high for the day at USD 3985.01. Gold traders can interpret this as a bullish forex signal, reinforced by MT4 indicators showing increased buying pressure. The Fed's recent decision to cut interest rates has also helped to boost gold's appeal as a safe-haven asset, which could continue to support the current uptrend.
For gold trading, support and resistance levels are crucial. Gold support is at USD 3921.71, while XAUUSD resistance is at USD 3985.01. The pivot point, calculated as (3985.01 + 3921.71 + 3971.26) / 3, is USD 3959.33. Using a tool like Heritage Sentinel can help identify these levels automatically, making it easier for traders to make decisions.
1. Scalping strategy If the price stays above USD 3921.71, traders can consider short-term long positions, taking advantage of small fluctuations. An MT4 expert advisor can automate this strategy to maximise gains.
2. Day trading strategy Entry at USD 3959.33 (pivot point) with an exit target close to USD 3985.01. This allows us to capitalise on intraday movements.
3. Swing trading strategy Long positions: Consider taking long positions if the price breaches and remains above USD 3985.01, with a stop-loss below USD 3921.71 to manage the risk.
The closing price of USD 3971.26, close to the day's high, is generating bullish gold trading signals. Forex alerts indicate continued buying pressure, suggesting that traders could consider taking long positions.
For a long position, place a stop-loss below USD 3921.71. For a short position, a stop-loss above USD 3985.01 is recommended. The risk/reward ratio must be carefully assessed using risk management indicators to protect capital.
With a close above the average (USD 3953.36), gold forecasts are bullish in the short term. The XAUUSD trend could continue to rise if current economic conditions persist. Traders must remain vigilant to central bank decisions, which could influence the future direction of prices.
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