Technical Analysis: XAUUSD

XAUUSD hit new all-time high

On Tuesday, XAUUSD continued to rise, hitting a record high of $2,531.6 per ounce. It ended up 0.39% at $2,514.02 per ounce.

USDX had shown weakness

On Tuesday, USDX continued to fall. It ended down 0.48% at 101.37, hitting a new low since January this year.

Global gold ETF inflows surged

The latest report from the World Gold Council showed that due to strong inflows of gold ETFs in the European and American markets, global gold ETFs attracted US$3.7 billion in July 2024, the strongest month since April 2022, and the third consecutive month of net inflows.

Technically speaking, the bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, RSI went upwards after golden cross occurred, showing that XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the resistance at 2532. It will continue rising if it breaks above the resistance at 2532.

4-hour chart 

On the 4-hour chart, XAUUSD was prone to fluctuation and climbed in the short term. The bullish market trend prevailed. In terms of technical indicators, the overall Moving Average is moving upward, showing that the market trend is bullish. Investors should focus on whether XAUUSD will break through the support at 2485. It will rise further if it retreats but is stable above 2485.

Key resistance: 2532,2560

Key support: 2485,2450

Generally speaking, boosted by positive factors, XAUUSD is more likely to rise further in the short term. Investors should focus on Federal Reserve's monetary policy meeting minutes during the day.