Gold (XAUUSD) Bulls Remain Optimistic as Gold Leverages Dollar Weakness

Market Analysis – July 13

The Gold bulls are maintaining their optimistic outlook as they set their sights on the key zone at 1981.460. This week, the buyers demonstrated unwavering determination as they started off on a strong note and successfully surpassed the crucial level at 1940.380. With this progress, it appears that the buyers are now positioning themselves for a potential breakout above the 1981.460 market level, as buying momentum continues to increase.

In the past few months, the XAUUSD market has experienced a downward trend, with selling pressure intensifying, particularly in May. However, there was a significant shift in price action, relieving the bears of their dominance as the market rose to the key level at 1906.640. This is where the buyers finally made their presence felt, providing some respite in the market.

XAUUSD Market Levels

Resistance Levels: 1981.460, 1940.380
Support Levels: 1906.640, 1819.810

Gold Long-Term Trend: Bullish

The bulls in the gold market are gaining momentum as they approach the key level at 1981.460. If the buying pressure continues to increase, there is a high probability that the buyers will successfully break above this key level, potentially driving the market even higher. Conversely, if the bears manage to regain their strength, we may see the market retracing back to the 1906.640 key level.

The gold market is attracting a growing number of buyers, with investors increasingly looking to participate in the market. The buyers have managed to sustain their momentum and are pushing the price action towards the 1981.460 key level.

Gold Short-Term Trend: Bullish

On the 4-hour chart, the buyers continue to demonstrate strong liquidity and show no signs of slowing down. The Moving Average Convergence and Divergence (MACD) indicator is gradually shifting towards a bullish sentiment, indicating further positive developments in the market. The Parabolic SAR (Stop and Reverse) is also favoring the buyers, with their target set on the 1981.460 market zone.

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