Gold (XAUUSD) Remains Bullish With Retracement Providing Buying Opportunities

Market Analysis – April 24

Gold (XAUUSD) remains bullish, with the recent retracement offering fresh buying opportunities. On the daily chart, the 9-day Simple Moving Average (SMA) is currently positioned around $3,290 and continues to slope upward, signaling sustained bullish momentum. The Relative Strength Index (RSI) is at 64.03, still within bullish territory but easing from previous overbought levels above 70, suggesting that the current pullback may represent a healthy correction. The price remains above the SMA, which acts as dynamic support near the $3,290 level.

Gold Key Levels

Resistance Levels: $3300, $3500, $3600
Support Levels: $3200, $3100, $2790

Gold Long-Term Trend: Bullish

The price action indicates that Gold (XAUUSD) recently surged to a high close to $3,500 before facing resistance and pulling back. The retracement has found temporary support within the $3,160–$3,230 demand zone, aligning with the 50% and 61.8% Fibonacci retracement levels from the previous upswing. This zone also matches a bullish order block, enhancing its importance as a potential reversal area. Previous resistance around $3,200 may now function as support, further strengthening the bullish outlook.

If buyers maintain control above $3,160, XAUUSD could consolidate before advancing toward the $3,500 psychological level, and potentially $3,600 if bullish momentum strengthens. A temporary sideways move within the $3,160–$3,230 range is likely before any significant breakout to the upside. Should the price fall below $3,160, the next key support can be found around $3,100. Nonetheless, as long as price remains above that zone, the overall market structure stays bullish.

Gold Short-Term Trend: Bullish

XAUUSD maintains its bullish stance on the four-hour chart, despite the ongoing pullback. The price is nearing a significant demand zone around $3,200, which aligns with a previous breakout structure. Traders using forex signals may find this area critical, as the RSI has decreased to 42.90, suggesting the market is cooling off and potentially setting up for a bullish reversal. A bounce from this demand zone could propel prices back toward the $3,400 and $3,500 resistance levels.

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