Gold (XAUUSD) Sustains Bullish Trend

Market Analysis – March 12th

Gold (XAUUSD) sustains bullish trend gaining strength against the dollar. This surge in Gold’s value has caught the attention of investors and traders alike. With the buy strength breaking through the significant level of 2147.930, the market has been favoring the buy side, particularly this month.

Gold (XAUUSD) Market Zones

Resistance Zones: 2198.000, 2147.000
Supply Zones: 2092.300, 2040.700

Gold (XAUUSD) Long-Term Trend: Bullish

Last month, we witnessed a struggle between buy-and-sell traders in the market. The price of gold traded within a range, oscillating between the key levels of 2040.700 and 1984.000 significant zones. This consolidation phase created a sense of uncertainty among traders as they awaited a clear direction for gold.

Earlier this month, the Bollinger Band indicator signalled a breakout, indicating a potential shift in market sentiment. The buyers seized this opportunity and pushed the price of gold beyond the key level of 2040.700. This breakout marked the beginning of a bullish run for the yellow metal.

Gold (XAUUSD) Short-Term Trend: Bullish

Since the breakout, the buyers have continued to extend their bullish run in the market. They have successfully subdued the significant level of 2147.390, demonstrating their determination and strength. Despite facing potential obstacles, the buyers show no signs of giving up.

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