Gold (XAUUSD) Sustains Bullish Momentum Amid Strong Technical Fundamentals

Market Analysis – June 19

Gold (XAUUSD) continues to maintain bullish momentum, supported by strong technical fundamentals. The overall directional bias remains firmly bullish, as evidenced by its consistent climb above the 9-day Simple Moving Average (SMA), which is currently trading near $3,370. Momentum indicators further support this outlook, with the Moving Average Convergence Divergence (MACD) histogram showing a slight bullish crossover as the MACD line attempts to rise above the signal line. Despite minor pullbacks, price action has followed a pattern of higher lows and steady recoveries, reflecting strong demand in the gold market. The recent pullback from the $3,400 region appears to be a corrective move rather than a reversal, aligning with a healthy bullish market structure.

Gold Key Levels

Resistance Levels: $3,440, $3,500, $3,600
Support Levels: $3,300, $3,100, $2,790

Gold Long-Term Trend: Bullish

A bullish rejection at a discounted level followed by a rebound indicates that the market has just executed a liquidity sweep below a short-term low around $3,350. This reaction occurred within a clearly defined Fibonacci Optimal Trade Entry (OTE) zone, pushing the price back above the critical $3,370 support level. Although there has been a minor retracement since then, the break above the swing high near $3,440 confirms the continuation of the bullish trend. Market behavior suggests a typical reaccumulation phase post-breakout, with shallow pullbacks caused by short-term profit-taking.

This bullish structure supports the likelihood of further movement toward the $3,500 resistance level, which aligns with a previously rejected swing high. A decisive break above this level would open the path toward the $3,600 mark, offering a potential $130 upside from current levels. The bullish outlook remains intact as long as price holds above the dynamic support around $3,360 and continues forming higher lows. For traders seeking actionable entries, forex signals may offer strategic guidance during such setups.

Gold Short-Term Trend: Bullish

Gold (XAUUSD) is currently retracing toward the $3,360 rejection block, which aligns with a former demand zone and may act as a springboard for continued bullish movement. The price remains above the $3,300 support level, and the 9-period SMA is beginning to flatten, potentially indicating base formation.

Although the MACD is currently showing mild bearish momentum, the underlying structure still supports a potential upward move. A strong rebound from the rejection block could accelerate the price toward the $3,500 resistance level.

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