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Market Analysis- October 12
Gold (XAUUSD) seeks to extend bullish momentum. Gold is making a notable resurgence, with the buyers having secured multiple victories and remaining in the driver’s seat. Their relentless push suggests they are in no mood to hit the brakes, and the market’s liquidity remains in their favor.
Gold (XAUUSD) Key Levels
Resistance Levels: 2072.870, 1990.470
Support Levels: 1949.260, 1802.510
Gold (XAUUSD) Long-Term Trend: Bullish
The daily chart unveils a remarkably positive sentiment as momentum gathers strength. The previous month saw the gold price provide hints of a breakout. The price pierced the boundary of the Bollinger Band indicator above the $1882.120 significant level. This surge in bullish activity comes on the heels of a period of sell-side strength. This seller nearly pushed the price down to the $1802.510 key level.
Currently, the buy traders are knocking on the door at the $1882.120 level. While this could potentially slow down the buildup of momentum, it’s apparent that the buyers are poised to seize the opportunity.
With bullish spirits still alive on the 4-hour chart, the buyers are maintaining alertness. But they are also witnessing a gradual decline in momentum. The Stochastic oscillator is stationed on the overbought side of the market. It signals the need for the bulls to gather more strength to overcome the upcoming challenges.
Gold (XAUUSD) Short-Term Trend: Bullish
As the week unfolds, the spotlight is on the yellow metal, with expectations of sustaining this bullish drift. While the momentum may experience fluctuations, a successful escape above the $1882.120 significant level is anticipated. This will reinforce the buyers’ stronghold in the market, enabling them to forge ahead and maintain their dominance.
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