XAUUSD Analysis – March 9
XAUUSD respects its rising trendline on its way to higher price levels. The market is finally showing up after an underwhelming 2022 in which the price decreased drastically, dropping more than 20%. However, from the support level of $1621.480, by the end of 2022 into 2023, the buyer received the strength and encouragement to push upward. Using a double bottom pattern, they were able to breach the $1802.280 resistance.
XAUUSD Critical Levels
Supply Zone: $1957.770, $2001.280, $2068.900
Demand Zone: $1802.280, $1964.970, $1621.480
XAUUSD Long-Term Trend: Bullish
Ever since the price has been steadily rising. The market is sliding upwards using a rising trendline. The price has thus far risen to $1957.770 where the bullish strength is no longer as strong as at the beginning of its rise. The price can be seen to have retraced back to a confluence point where its rising trendline crosses the $1802.280 key level, and the price is doing well to recharge at that point to continue its rally.
As such, we can see that Gold respects its rising trendline and will push further higher from its current position at the confluence point. The MA Cross (Moving Average) which dropped with the market’s initial rejection, is on the verge of an upward cross that will also confirm the market’s intent to rise off the trendline. The EFI (Elders Force Index) powerline has made a sharp U-turn back upwards and is trying to rise above the zero level.
XAUUSD Short-Term Trend: Bullish
On the 4-hour chart, the MA Cross too is about to cross to the upside to confirm a rally in the short time frame as XAUUSD respects the trendline. The EFI power line has slipped above the zero level as bulls take center stage. Gold will be looking to attain its highest level in 2022 at $2068.900 after it breaks the immediate resistance level.
You can purchase Lucky Block here. Buy LBLOCK
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.