Gold (XAUUSD) Remains in an Uptrend and May Reach a 2024 High

XAUUSD Analysis – March 2

XAUUSD remains in an uptrend and may reach its highest price level in 2022. The market picked up bullish momentum towards the end of 2022, and this has continued into this year with the market driving past several key levels. Finally, on the first of February, an exhausted buying base hit a brick wall at $1957.770. The price promptly plunged to $1802.280. 

XAUUSD Critical Levels

Supply Zone: $1957.770, $2001.280, $2068.900
Demand Zone:  $1802.280, $1964.970, $1621.480

XAUUSD Long-Term Trend: Bullish

The price hit a resistance level at $1957.770, and the price has kicked into a retracement. Gold first slumped to $1872.572 and then further slid down to $1802.280. However, there is optimism among market investors that the upward trend is not yet over. Therefore, at the $1802.280 demand level, the bulls are regrouping to regain control over the market. 

As a result, reversal candlestick patterns can be observed after the price touches down at the $1802.280 support level. The RSI (Relative Strength Index) line drops towards the oversold region border and bounces directly upward. This shows the readiness of the buyers to regain their position in the market.

XAUUSD Short-Term Trend: Bullish

The Parabolic SAR (Stop and Reverse) has promptly switched its dots below the candlesticks as the market prepares to press on with its upward movement. On the 4-hour timeframe, more dots can be seen below the candlesticks. The RSI line on the 4-hour chart has risen into the upper half of its range to show how much progress is being made. Gold will be looking to match its 2022 high at $2068.900.

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