Technical Analysis: XAUUSD

XAUUSD surged nearly 2%

On Monday, XAUUSD surged by $50 during the session and ended up 1.91% at $2,611.61 per ounce.

The USDX fluctuated downward

On Monday, the USDX fluctuated and fell, hitting 106.81 during the session. It ended down 0.44% at 106.21.

Risk aversion in the market heated up

On Monday, as the uncertainty of the Russian-Ukrainian conflict intensified, it re-triggered the market's risk aversion demand, boosting gold prices higher.

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

On the chart of the day, XAUUSD stabilized and rebounded. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after the golden cross, showing that XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the resistance at 2643. The upper resistance will be around 2680 if it breaks above the resistance at 2643.

4-hour chart 

On the 4-hour chart, XAUUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after the golden cross, showing that the market trend is bullish. Investors should focus on whether XAUUSD will break through the support at 2597. It will rise further if it retreats but is stable at 2597.   

Key resistance:2643,2680

Key support: 2597,2580

Generally speaking, XAUUSD is more likely to rise further in the short term. Investors should focus on the speeches of Federal Reserve officials during the day.