Technical Analysis: XAUUSD

XAUUSD was boosted

On Wednesday, boosted by falling US inflation and uncertainty over tariffs, XAUUSD climbed. It reached the US$2940 mark at one point. It ended up 0.59% at US$2933.29 per ounce.

US inflation cooled down

US CPI, y/y (February) fell from 3% to 2.8% Vs. 2.9% (forecast), according to the data from the US Department of Labor. It decreased for the first time after rebounding for 3 consecutive months.

Gold ETF holdings increased

As of 12^th March, gold holdings reached 898.64 tons, an increased of 3.44 tons from the 11^th March, according to the data from the largest Gold ETF——SPDR Gold Trust.

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 terms of technical indicators, KDJ went upwards after golden cross occurred, showing that XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the resistance at 2956. It will jump further with potential resistance at 2980 if it breaks above 2956.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and climbed. The market trend was bullish. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the bullish market trend prevailed. Investors should focus on whether XAUUSD will break through the support at 2920. It will jump further if it retreats but is stale above 2920.

Key resistance: 2956, 2980

Key support: 2920, 2900

Generally speaking, given multiple positive factors, XAUUSD is more likely to rise further. Investors should focus on US economic data during the day.