Introduction
In today’s analysis, we look at XAU/USD (Gold/USD) intraday because the price is probably moving to the upside. The recent price movement shows supportive actions for upside moves, and the target that will be set here might go up to 2758.00 and in the extension to 2770.00. Analyzing the key levels around the support and resistance from this analysis, taking important information from RSI signaling, and an overview of MACD indicators support better trading decisions. All the insights are tailored to achieve maximum trading success with a defined long position strategy above 2735.00.
XAU/USD Overview and Key Market Sentiment
The XAU/USD pair is likely to rally 10 to 22 USD. The gold price now has positive momentum that can be sustained for a bullish bias with good support levels and positive technical indicators. For October 29, 2024, traders are advised to open a long position above the 2735.00 pivot point.
Latest price movements and technical signals suggest further upside, with near-term objectives reaching 2758.00, followed by a breakout towards 2770.00. The basic support and resistance levels are presented here and also supplemented with a detailed technical analysis based on RSI and MACD that would support this strategy.
Main Technical Levels for XAU/USD
Resistance Levels:.
2770.00: Secondary resistance to be taken with additional runs once at 2758.00.
2758.00: Main target or take-profit for the entire bullish run.
Support Areas:
2735.00 (Pivot): These are the critical support areas with pivot points for today. Holding above this level can be considered a good scenario for the bullish outlook to continue.
2729.00: This is a support area, providing an alternative safety margin for stop orders.
2723.00: This is the last support level, which is also the lower bound of this intraday chart.
Price Now: The last price that has been recorded is at 2748.00, near the pivot at 2735.00, an excellent entry long.
RSI Analysis of XAU/USD
The Relative Strength Index is still bullishly biased since it has risen further higher above 50 and yet there is no indication of slowing the price’s move up to support the sustainability of its uptrend in increases.
A positive RSI reading aligns perfectly with the overall trend, which will likely be powerful enough to unleash considerable strength in buying power. In this case, a long position trade can remain anchored on a continued bull trend for the RSI since the levels will be supported at being above 60.
MACD for XAU/USD
It offers an excellent extent for the strength of strength in the trend and several potential reversal points. So, with that in view, here is the state of affairs with MACD and its influence on the XAU/USD pair,
Signal Line Crossover: The MACD has shown the crossover above the signal line, therefore giving out a buy signal that does match the long position by the RSI scenario. Crossover, as stated, most of the time forms a point before an uptrend in the price making it even stronger for a long-side holding strategy.
MACD Histogram: The histogram bars are positive, and this increases the strength of the upward movement. Larger histogram bars imply increased strength in the bullish momentum supporting today’s target levels.
Zero Line Crossover: The MACD line is above the zero line. This is an upward movement confirmed. Whenever the MACD is positive, it means that the short-term average is larger than the long-term average. This is a typical indication of a bullish market sentiment.
The MACD combined with the RSI will further the cause for traders who could make a confident trade in this since both suggest there is still room to be on the upside with regards to the XAU/USD currency pair. With stability given by the MACD trading above the zero line along with the recent crossover, an attempt should maximize chances towards 2758.00 and further.
XAU/USD – Intraday Trading – October 29, 2024
Based on today’s market analysis, a long position is favored, with an entry above 2735.00 to take profits as XAU/USD approaches 2758.00 and possibly 2770.00.
Entry Point: Enter a long position if XAU/USD goes above 2735.00.
Target Levels:
Primary Target: 2758.00 – an easily identifiable level that the recent price action and technicals are supporting.
Extended Target: 2770.00 – attainable if the bullish momentum holds.
Place stop loss below 2735.00 preferably at the next support level at 2729.00
Use partial take profit at 2758.00, and complete take profit, if XAU/USD approaches 2770.00 especially if the resistance builds up around those places.
Intraday Tips for Trading XAU/USD
Monitor RSI in conjunction with MACD to gauge market momentum using the former and confirm trends by the latter. Together, these indicators can be reliable enough for intraday decision-making.
News and Economic Events: Monitor important events that may influence gold prices, such as interest rates, inflation data, or geopolitical events.
Volume Confirmation: Always look for strong volume during upward moves, as they can confirm that the trend’s strength is on its way to further upside.
Conclusion
Today’s intraday analysis on XAU/USD gives a promising view to be bullish with targets set at 2758.00 and 2770.00. The boost in support from RSI and MACD indicators brings confidence to the strategy; meanwhile, key resistance and support levels are structured with a good plan for proper entry, take-profit, and stop-loss placements. By following the guidelines of this approach, traders will be able to capitalize on today’s XAU/USD upward potential with a well-written approach.