Gold (XAUUSD) Shows Strong Bullish Momentum With Potential

Market Analysis – March 13

Gold exhibits strong bullish momentum with the potential for a breakout. The 9-day Simple Moving Average (SMA) at approximately $2,930 acts as dynamic support, with the current price of $2,990 trading well above it. The Relative Strength Index (RSI) stands at 68.28, indicating increasing bullish momentum while approaching the overbought region. This suggests the possibility of a short-term pullback before further upward movement. The price remaining above the SMA confirms the strength of the bullish trend.

Gold Key Levels

Resistance Levels: $2,960, $3,100, $3,200
Support Levels: $2,880, $2,790, $2,580

Gold Long-Term Trend: Bullish

Price action demonstrates a clear breakout above the $2,960 resistance zone, signaling buyer dominance. A previous bullish reaction from the $2,880 order block zone further reinforces the continuation of the uptrend. The market also filled a Fair Value Gap (FVG) in December, and since then, the price has been trending steadily upward without breaking significant support.

If the price holds above the $2,960 level, further upside toward $3,100 is likely, with an extended target of $3,200 in the coming weeks. In the event of a pullback, the $2,880-$2,930 order block region serves as strong support for a potential rebound. The bullish structure remains intact as long as the price stays above $2,880, sustaining the likelihood of further upward movement.

Gold Short-Term Trend: Bearish

XAUUSD indicates signs of a potential short-term pullback after reaching $2,990. The RSI is at 80.44, reflecting overbought conditions, which may trigger a correction.
If the price drops below $2,960, the next support zone lies between $2,880 and $2,920. Failure to hold above $2,960 increases the probability of a deeper retracement toward $2,880. Traders monitoring forex signals may also observe market reactions at these key levels, as price action remains volatile in the short term.

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