Gold Buyers Prepare for Further Penetration

Market Analysis- March 29th

Gold (XAUUSD) buyers prepare for further penetration. This week, they have shown confidence following gains from the 2161.000 significant level. The journey for the bulls is far from over, as there is still an intention for more expansion.

Gold Significant Levels

Resistance Levels: 2150.000, 2075.000
Support Levels: 2200.000, 1985.000

Gold (XAUUSD) Long-Term Trend: Bullish

The previous week was a struggling phase for gold, but the buyers have been on a constant rise since then. Early last month, they fought hard and eventually won a breakthrough. After falling below the 2000.000 significant level in February, the buyers regained their footing and started to intensify the bullish trend. They expanded their influence, reaching as far as the 2150.900 significant level before facing some resistance.

However, gold received another boost after consolidating above the 2150.000 price level this month. With this level of confidence, the buyers are now testing the 2221.000 key zone, and their chances of breaking out are very high due to the presence of more liquidity in the XAUUSD market. Buyers can leverage this intensity for further gains.
 
The 2221.000 key zone is a significant level to watch for gold. If the buyers can successfully break through this level, it could potentially open up more opportunities for bullish expansion. Traders will closely monitor this level to gauge the strength of the buyers and the likelihood of a sustained upward movement.

Gold (XAUUSD) Short-Term Trend: Bullish

The MACD indicator is currently showing a bullish sentiment, with the moving average lines indicating a positive momentum. This suggests that the buyers still have the upper hand in the market. However, it is important to note that even with high intensity, the gold price is still likely to experience some fallback. Traders should pay attention to the market flow and carefully analyze the price action. 

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