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.
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