Gold (XAUUSD) Bearish Pullback Imminent Amidst Overall Bullish Trend

Market Analysis – February 13

Gold may face a bearish pullback despite maintaining an overall bullish trend. The Relative Strength Index (RSI) is currently at 77.44, indicating that XAUUSD is in overbought territory, suggesting a short-term retracement could be imminent. The Simple Moving Average (SMA) of 9 periods at $2,870 provides dynamic support, reinforcing the bullish trend. As long as the price remains above this level, buyers retain control. However, a slight pullback toward support levels could occur before the uptrend resumes.

Gold Key Levels

Resistance Levels: $2,790, $2,880, $2,960, $3,100
Support Levels: $2,790, $2,580, $2,540

Gold Long-Term Trend: Bullish

XAUUSD has been forming a series of higher highs and higher lows, confirming a strong bullish structure. The recent breakout above the $2,880 resistance level has strengthened the uptrend, with the price now approaching the $2,960 key resistance zone. The presence of a previous double-top formation in this area suggests sellers might temporarily push prices lower before buyers regain momentum.

Looking ahead, a short-term retracement toward the $2,830 swing low is possible, allowing buyers to accumulate more positions. If this level holds, XAUUSD could resume its uptrend and retest the $2,960 resistance level. A confirmed breakout above $2,960 would pave the way for a move toward $3,100 in the coming weeks. However, if the price fails to hold above $2,790, deeper corrections might occur before bullish momentum resumes. Traders analyzing forex signals may find opportunities within this setup.

Gold Short-Term Trend: Bearish

XAUUSD is showing signs of weakness on the four-hour chart, as a bearish divergence has emerged between price and the RSI, indicating potential downside movement. The price is struggling to break above the $2,940 resistance level, while the RSI has started declining from overbought territory.
The 9-period SMA at $2,900 serves as short-term support, but a break below $2,880 could trigger increased selling pressure. If sellers take control, the next key support zone to monitor is around $2,790, where buyers might attempt to regain strength.

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