๐ Market Overview:
Gold is currently trading around 4,789 USD/oz, maintaining a consolidation phase as the market watches the progress of U.S.โIran negotiations and expectations regarding the Federal Reserve’s interest rate policy.
A mild recovery in the USD and stable risk sentiment have prevented gold from making a strong short-term breakout.
๐ Technical Analysis:
Important Resistance:
4,800 โ 4,805
4,830 โ 4,845
Nearest Support:
4,770 โ 4,765
4,745 โ 4,740
EMA:
Price is currently fluctuating around and slightly below the EMA 9 on M15โH1, indicating a weak sideways / consolidation trend in the short term.
Candlestick / Volume / Momentum:
Recent candles show many doji and small-body candles, suggesting the market is waiting for new information.
Volume has gradually declined after the rebound, indicating buying pressure is not strong enough for a breakout.
Momentum remains neutral, meaning the market may continue to move sideways before a clear breakout occurs.
๐ Outlook:
Gold may continue moving sideways in the short term. A decisive break above 4,805 could shift the trend upward, while a break below 4,765 may extend the downside.
๐ก Suggested Trading Strategy
๐ป SELL XAU/USD: 4,800 โ 4,805
๐ฏ TP: 40 / 80 / 200 pips
โ SL: 4,808
๐บ BUY XAU/USD: 4,765 โ 4,770
๐ฏ TP: 40 / 80 / 200 pips
โ SL: 4,762