šŗRelated Information: (XAU/USD)
Gold (XAU/USD) pulls back from the one-and-a-half-week peak reached earlier on Tuesday and trades slightly above the $4,550 area during the first half of the European session, while still on track for a third consecutive daily gain. News suggesting that US President Donald Trump may be open to scaling back military operations against Iranāeven if the Strait of Hormuz remains largely shutāhas led to a corrective decline in Crude Oil prices. This development helps ease inflationary pressures and keeps US Treasury yields subdued, encouraging some profit-taking in the US Dollar (USD) and providing support to the precious metal.
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š Chart analysis:
š Short-term timeframes: M15, M45, H1
The M15 chart is forming a triple bottom: at the 4550 support level, buying pressure is maintained.
H1 is consolidating above the EMA, buying pressure remains quite strong.
š Medium-term timeframes: H2, H4
The upward trend, with consolidation mainly around 4600, is still indicated on the H4 timeframe.
Key zones:
š Supply zone (resistance): 4735
š Demand zone (support): 4513
š Three EMA moving averages; technical indicators: stochastic, volume
Setup signal: š BUY XAU 4513 ā 4508 stop loss: 4503
Take profit: 4540 – 4572 – 4608
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āļø Personal opinion:
Gold continues to consolidate and trade sideways, paying attention to the resistance zone around 4735, a key resistance level for the bears.