XAU/USD short-term technical outlook
XAU/USD's bullish trend is evident in the daily chart, which shows the pair consistently developing above all its moving averages. The 20 Simple Moving Average (SMA) has been steadily increasing but stands far below the current level and above the longer ones, showing a clear uptrend. Meanwhile, technical indicators are partially losing their bullish strength but still developing in extremely overbought territory. The Relative Strength Index (RSI) indicator has been doing so since March 27, anticipating a potential corrective slide or at least a consolidative stage.
The near-term picture is also bullish. The 4-hour chart shows all moving averages heading firmly north below the current level. Furthermore, the RSI indicator has corrected extreme overbought readings but turned flat at around 64, reflecting limited selling interest and far from signaling an upcoming reversal. Finally, the Momentum indicator has picked up within positive levels, in line with the dominant trend.
Support levels: 2,318.60 2,303.80 2,287.30
The near-term picture is also bullish. The 4-hour chart shows all moving averages heading firmly north below the current level. Furthermore, the RSI indicator has corrected extreme overbought readings but turned flat at around 64, reflecting limited selling interest and far from signaling an upcoming reversal. Finally, the Momentum indicator has picked up within positive levels, in line with the dominant trend.
Support levels: 2,318.60 2,303.80 2,287.30
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