Technical Outlook for Gold Price (XAUUSD) 4/12/2024

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Technical Outlook for Gold Price (XAUUSD)

On the daily chart, gold remains in a prolonged consolidation phase, with price action mainly hovering around the 21-day Exponential Moving Average (EMA21) and the technical level of 2,644 USD.

Although gold has recovered from the previous decline, the overall picture still leans towards a bearish scenario, with the main trend being defined by the price channel (a). Additionally, pressure continues from the EMA21, and the Relative Strength Index (RSI) remains below the 50 mark. These factors create conditions for a bearish trend.

As long as gold stays within the price channel (a), its technical outlook remains biased towards a downward trend, and any upward movements should be considered short-term corrections.

On the other hand, if gold is sold below the 0.618% Fibonacci retracement level, it could continue to decline towards the next target range around 2,606–2,600 USD. Furthermore, a new bearish cycle would begin if gold drops below the key level of 2,600 USD.

For the day, the bearish technical outlook for gold is highlighted by the following key levels:

Support: 2,634 – 2,606 – 2,600 USD
Resistance: 2,644 – 2,663 USD
交易开始
🪙SELL XAUUSD | 2657 - 2660
⚰️SL: 2666
⬆️TP1: 2650
⬆️TP2: 2645

🪙BUY XAUUSD | 2580 - 2581
⚰️SL: 2575
⬆️TP1: 2586
⬆️TP2: 2591

This concludes the article. Best wishes for a healthy, joyful, and happy weekend.
Chart PatternsGoldTechnical IndicatorsTrend AnalysisXAUUSDxauusdlongxauusdshortxauusdupdates

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