Gold (XAUUSD) Maintains Uptrend as Critical Support Holds

Market Analysis – April 17

Gold (XAUUSD) continues its upward trajectory as key support levels remain firm. Gold has extended its rally, supported by solid foundational zones and a sustained bullish sentiment. The 9-day simple moving average (SMA), now situated around $3,140, serves as dynamic support, while spot prices linger near $3,300—well above this short-term average. The Relative Strength Index (RSI) is approximately 73, signaling overbought conditions. This suggests the possibility of a short-term pullback, as traders may choose to lock in profits. However, as long as the RSI stays above 70, bullish momentum is expected to persist. Only a drop below the 50 mark would indicate a significant weakening of the upward trend.

Gold Key Levels

Resistance Levels: $3300, $3400, $3500
Support Levels: $3200, $3100, $2960

Gold Long-Term Trend: Bullish

The strong rebound of XAUUSD from the $3,100 level has reestablished that zone as a key support area. Subsequent moves above $3,200 and $3,300 have triggered renewed buying interest, with a breaker block evident between $3,100 and $3,140 and a nearby demand zone around $3,200. The overall market structure—marked by successive higher highs and higher lows—remains clearly bullish. Additionally, the most recent breakout candle, combined with Fibonacci extension levels, strengthens the bullish outlook.
Looking ahead, gold is likely to continue its bullish phase, though periods of consolidation may occur. A pullback toward $3,200, or even $3,100, could provide compelling re-entry points for bullish traders. As long as support around $3,100 holds, the next targets are aligned with the 1.272 Fibonacci extension near $3,380 and ultimately the $3,500 level. Traders relying on forex signals may find these levels crucial for timing entries and exits.

Gold Short-Term Trend: Bullish

On the four-hour chart, XAUUSD maintains its bullish stance, trading well above the 9-period SMA, currently around $3,250. The recent break of structure above $3,200 further confirms the strength of buyers and the continuation of higher highs. However, the RSI’s high reading near 78 points to strong momentum that might soon lead to a slight pullback. A revisit to the $3,200 demand zone could offer a strategic buying opportunity before the market makes another move toward $3,300 and beyond.

Make money without lifting your fingers: Start using a world-class auto trading solution 

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.

[xyz-ihs snippet="Markets"]