XAU/USD Intraday Trading Strategy | Weekly
Last week, Gold (XAU/USD) retreated a bit after reaching and correcting back from the $4,380 area toward $4,250 area. Although gold has demonstrated some weakening, the overall trend is still bullish, and it is still strong on the high timeframes. As the new trading week begins, gold traders will be watching for a little bit of momentum to continue above $4,280 or perhaps a deeper retracement toward some key support before anticipating an uptrend.
Current Market Overview XAU/USD
Currently, the Gold Spot (XAU/USD) is at almost $4,253, which is a 1.6% reduction from last week’s strong multi-day rally.
According to the Supertrend indicator on the 1-hour chart, gold is testing support in the area of $4,197โ$4,220, while resistance is currently located at the $4,340โ$4,380 levels.
The overall price structure is still bullish as the moving averages are still aligned higher after the recent pullback.
XAU/USD Technical Analysis
Moving Averages
All short-term and long-term EMAs are still in Buy mode, confirming the uptrend:
EMA 10: 4,117.26 โ Buy
EMA 50: 3,759.72 โ Buy
EMA 200: 3,319.60 โ Buy
โก๏ธ As long as prices continue to show above $4,100 – $4,150, the bullish view is maintained.
XAU/USD Trading Plan Intraday Setup
Buying Zone: $4,190 โ $4,220
Take Profit Zones:
TP1: $4,280
TP2: $4,320
TP3: $4,360
Stop Loss: Under $4,175
Alternative Selling Setup (Short-Term):
If gold fails to hold above $4,180, selling pressure could enter as low as $4,100 or $4,060, where the next demand zone is.
Fundamental Outlook
For this week, we will focus on:
Expectations regarding Federal Reserve rates, and any comments from them that may carry a dovish tone, which would weaken the dollar.
Upcoming US economic data (GDP data, jobless claims, and CPI updates) may help determine the next direction for gold.
Global tensions and energy price changes are keeping the safe-haven status of gold strong.
If the dollar index weakens once again, it is easy to see gold retesting the $4,300โ$4,350 area mid-week.
Final Thoughts
Gold is still trading in an overall bullish channel, buoyed by solid moving averages, but short-term signals are indicating overbought levels. Traders should consider buying on a dip anywhere towards $4,200-4,180, while maintaining strict risk management.
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Disclaimer:
All brokers and Forex and Commodities Weekly Analysis are on my personal search for any changes and work on the market at any time. Please research the market news and others on Google search, and your company’s analysis of the market. I cannot guarantee this is just an analysis for my opinion, not for 100% sure to work in the real market.