Gold (XAUUSD) Consolidates Higher With Bullish Bias Across Technical Indicators

Market Analysis – August 29

Gold (XAUUSD) consolidates higher with bullish bias across technical indicators. Gold has maintained its upward momentum, with price action trading above the short-term moving average. The MACD (Moving Average Convergence Divergence) reflects bullish convergence, signaling that buyers are gradually regaining control. Market structure continues to support the upside as price consolidates around $3,400, comfortably above the $3,370 support level, highlighting strength within the bullish channel.

Gold Key Levels

Resistance Levels: $3,500, $3,600, $3,750
Support Levels: $3,250, $2,960, $2,790

Gold Long-Term Trend: Bullish

Gold (XAUUSD) has been forming consistent higher lows since early summer, developing a clear ascending trendline that supports the continuation of the rally. Resistance at $3,500 remains the critical barrier, as the market has tested this zone multiple times without significant rejection. With volume reinforcing steady advances, the price pattern suggests accumulation rather than distribution, increasing the probability of a breakout.

Looking ahead, if buyers sustain momentum above $3,425 and manage to break through the $3,500 level, gold could extend gains toward $3,600 in the short term. A confirmed breakout beyond this point may trigger further movement toward $3,750, while the nearest downside support remains at $3,370, providing a solid base for bullish continuation. Traders may also look to forex signals as additional confirmation when navigating these levels.

Gold Short-Term Trend: Bullish

On the four-hour chart, XAUUSD is holding firmly above the 9-period SMA near $3,400, maintaining bullish momentum. The MACD remains in supportive territory, signaling continued upward pressure. A short-term retracement toward the ascending trendline around $3,380–$3,390 could strengthen the base for renewed buying interest. If price successfully clears resistance at $3,500, the next upside target is projected near $3,600.

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