XAUUSD (Gold) is gaining traction during the European trading session, pushing towards last week's high, a key resistance level. This resistance zone is highlighted in an orange rectangle, confirmed by previous bearish engulfing candlesticks. Should the market break above and sustain this level, it could trigger a surge of aggressive buying from bullish traders.
On the other hand, key support is marked with a green rectangle, confirmed by two bullish engulfing candlesticks. This support zone has been a critical area for the bulls to defend, providing a solid foundation for the ongoing rally.
Ichimoku Indicator: The Ichimoku cloud indicator signals a robust bullish sentiment. The Tenkan Sen, Kijun Sen, and Chikou Span are all positioned above the cloud, indicating strong upward momentum.
Volume Profile: The Volume Profile highlights the Point of Control (POC) as the price level with the highest traded volume. Currently, the price is positioned above the POC and the value area, suggesting strong bullish sentiment and increased trading activity at higher price levels.
Oscillators: Both short-term and medium-term indicators support the bullish outlook.
The overall outlook for XAUUSD is bullish. The price action suggests that the bullish momentum is still in its early stages, indicating potential for further upside in the coming days. Traders should watch for a decisive break above the key resistance level, as this could open the floodgates for aggressive buying, propelling the price higher. Conversely, maintaining the current support levels will be crucial for sustaining the upward trend.
With the bullish momentum in its infancy, XAUUSD is poised for potential gains. Traders should monitor key resistance and support levels closely to capitalize on the prevailing bullish trend.
Key Takeaways:
| Time | Currency | Event | Impact | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 06:00 | AUD | Judo Bank Manufacturing PMI Final | Medium | 47.2 | 47.5 | 47.5 |
| 06:50 | JPY | Tankan Large Manufacturers Index | High | 13 | 12 | 11 |
| 07:00 | EUR | ECB Forum on Central Banking | Medium | |||
| 07:30 | JPY | Jibun Bank Manufacturing PMI Final | Medium | 50 | 50.1 | 50.4 |
| 08:45 | CNY | Caixin Manufacturing PMI | High | 51.8 | 51.2 | 51.7 |
| 12:00 | JPY | Consumer Confidence | High | 36.4 | 36.5 | 36.2 |
| 13:00 | GBP | Nationwide Housing Prices MoM | Medium | 0% | 0.4% | |
| 13:00 | GBP | Nationwide Housing Prices YoY | Medium | 1.5% | 1.3% | |
| 13:30 | CHF | Retail Sales YoY | Medium | 2.5% | 2.7% | |
| 14:15 | EUR | HCOB Manufacturing PMI | Medium | 53.5 | 54 | |
| 14:45 | EUR | HCOB Manufacturing PMI | Medium | 44.5 | 45.6 | |
| 14:50 | EUR | HCOB Manufacturing PMI Final | High | 45.3 | 46.4 | |
| 14:55 | EUR | HCOB Manufacturing PMI Final | High | 43.4 | 45.4 | |
| 15:00 | EUR | HCOB Manufacturing PMI Final | Medium | 45.6 | 47.3 | |
| 15:30 | GBP | BoE Consumer Credit | Medium | £1.3B | £0.73B | |
| 15:30 | GBP | Mortgage Lending | Medium | £1.1B | £2.41B | |
| 15:30 | GBP | Mortgage Approvals | Medium | 61K | 61.14K | |
| 15:30 | GBP | S&P Global Manufacturing PMI Final | Medium | 51.4 | 51.2 | |
| 19:00 | EUR | Inflation Rate YoY Prel | High | 2.3% | 2.4% | |
| 19:00 | EUR | Inflation Rate MoM Prel | Medium | 0.2% | 0.1% | |
| 20:45 | USD | S&P Global Manufacturing PMI Final | Medium | 51.7 | 51.3 | |
| 21:00 | USD | ISM Manufacturing PMI | High | 49 | 48.7 | |
| 21:00 | USD | ISM Manufacturing Employment | Medium | 51 | 51.1 |
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