Gold (XAUUSD) Buyers Plan To Continue Their Hot Pursuit

Market Analysis – April 12th

Gold (XAUUSD) buyers plan to continue their hot pursuit. Buyers have been dominating the gold market, driving the price higher and closer to the significant level of 2400.000. Their strong presence and determination indicate a positive market sentiment and confidence in gold as an investment.

Gold (XAUUSD) Significant Levels

Resistance Levels: 2403.500, 2321.010
Support Levels:2225.350,  1987.100

Gold Long-Term Trend: Bullish

The buyers’ strength was evident when they successfully breached the 20171.550 market level in late February. This breakthrough marked a turning point in the market and paved the way for further bullish momentum. Throughout March, the buyers continued to expand their territory, pushing the price higher.

After the initial surge, the price of gold consolidated above the 2150.000 significant level. This consolidation phase allowed the bulls to recover their buying strength and prepare for the next upward move. The consolidation period served as a foundation for further price appreciation.
 
Since breaking through the 2225.350 significant level in March, the buyers have remained strong in their pursuit of higher prices. Their determination suggests that gold is likely to continue expanding in the following weeks. The market sentiment remains positive, and buyers are confident in the prospects of gold.
 
While buyers currently hold control of the gold market, it is important to acknowledge the potential presence of sellers. Sellers can emerge unexpectedly and disrupt the buyers’ motives. Traders should remain cautious and closely monitor any signs of a shift in market dynamics.

Gold (XAUUSD) Short-Term Trend: Bullish

The momentum indicator is currently showing a decline, indicating a decrease in bullish sentiment. This decline may be a temporary setback for the buyers, but it does not necessarily indicate a reversal in the overall trend. Traders should consider this decline as a potential opportunity to enter the market at a more favorable price.

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