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XAUUSD Analysis – June 20
XAUUSD bullish sentiment is still prevalent. Currently, the 9-day Simple Moving Average (SMA) is rising, indicating bullish momentum in the near term. Furthermore, there has been a bullish crossover in the Moving Average Convergence Divergence (MACD), with the MACD line crossing above the signal line. Additionally, a positive flip in the histogram indicates an increase in buying interest.
XAUUSD Significant Zones
Demand Zones: $2277.00, $2146.00
Supply Zones: $2450.00, $2500.00
XAUUSD Long-Term Trend: Bullish
Price action analysis indicates that gold has broken above a crucial support level at $2320.00, providing a strong base for further upward movement. A break of structure (BOS) around $2430.00 is clearly visible on the chart, confirming the bullish trend. Moreover, the break above the weak high at $2380.00 raises the prospect of additional upward possibilities.
The price may aim for greater resistance around $2500.00 if it stays above this level. Supportive indicators and strong upward momentum suggest that a breakout above $2450.00 might start a rally towards $2500.00 and higher. On the other hand, should there be a reversal, the price may find support at $2320.00, or even lower at $2270.00, which would offer opportunities for bullish entries on dips. Utilizing forex signals can help traders identify these critical levels and make informed trading decisions.
XAUUSD Short-Term Trend: Bullish
On the four-hour chart, XAUUSD continues to exhibit a bullish trend, consistently trading within the range of $2278.00 to $2388.00. Recently, it surpassed the resistance level at $2340.00, which has now turned into a support level. This breakout above $2340.00 indicates a strengthening of the bullish sentiment. Should the price manage to break above the $2388.00 mark, it could serve as a strong signal for further upward movement. In this scenario, the next potential target for XAUUSD is likely to be around $2450.00.
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