XAUUSD Market Bullish Sentiment Still Remains Prevalent

Azeez Mustapha


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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 Market Bullish Sentiment Still Remains PrevalentXAUUSD 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 Market Bullish Sentiment Still Remains PrevalentXAUUSD 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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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