Gold (XAU/USD) is generally regarded as a safe-haven asset. The price of gold is influenced by geopolitical events, inflation rates, and shifts in interest rates. In the face of global economic uncertainty, the precious metal remains the primary defensive asset in investment portfolios.
This article examines the factors driving the future of gold quotes and presents a forecast for the day, week, and month ahead. The price analysis encompasses macroeconomic data, political events, and technical analysis to facilitate the most accurate trading forecast for the XAUUSD.
Expert Technical Analysis for XAU/USD for Today
The 4-hour chart shows the following signals:
Doji candlestick patterns (1) formed at around $4,543.26, suggesting ongoing market uncertainty. A Bearish Engulfing pattern (2) emerged at the opening of Monday's trading session, signaling a potential continuation of the downward trend.
The MACD indicator is gradually rising in negative territory, indicating weakening bearish momentum.
RSI has turned upward in the oversold zone, holding around 31. This suggests a potential consolidation, followed by a bullish correction.
MFI is moving sideways near the lower boundary, signaling low liquidity.
The market price is trading between the VWAP and SMA20 lines, which indicates a temporary consolidation with a slight bearish bias.
LiteFinance: Expert Technical Analysis for XAU/USD for Today
Trading Plan for XAUUSD for Today
Gold forecast for today:
Key support levels: $4,509.74, $4,441.34, $4,376.04, $4,313.67, $4,254.97, $4,202.40, $4,157.41, $4,114.01, $4,059.90.
Key resistance levels: $4,576.74, $4,645.91, $4,698.44, $4,760.74, $4,821.84, $4,881.57, $4,937.88, $4,996.26, $5,052.87, $5,107.72.
Base scenario: Open short positions (1) on increased volume below the $4,509.74 level, with price targets at $4,441.34, $4,376.04, $4,313.67, $4,254.97, $4,202.40, $4,157.41, $4,114.01, and $4,059.90. Stop Loss (3): $4,543.26.
Alternative scenario: Open long positions (2) on increased volume above the $4,576.74 level, with price targets at $4,645.91, $4,698.44, $4,760.74, $4,821.84, $4,881.57, $4,937.88, $4,996.26, $5,052.87, and $5,107.72. Stop Loss (3): $4,543.26.
LiteFinance: Trading Plan for XAUUSD for Today
The analysis is provided by Alan Tsagaraev.
Alan Tsagaraev is an independent trader and analyst specializing in stock, foreign exchange, and cryptocurrency markets. He holds a degree in Economics and has been a professional investor and financial market trader since 2019. Over the course of his career, he has increased his capital more than tenfold.
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