Technical Analysis: XAUUSD

XAUUSD climbed to a one-week high

On Wednesday, XAUUSD rose for the third straight trading day. It broke above the US$3360 mark to the highest level since 24^th June for some time.

US ADP employment change declined in June

US Employment Change (June) fell from 29,000 to -33,000, which was lower than the forecast of 95000 and hit the largest decline since March 2023, according to the data from the ADP.

The probability that the Fed will cut the interest rate in September exceeded 90%

The probability that the Fed will keep the interest rate unchanged in September reached 7.6%, the probability that the Fed will reduce the interest rate by a total of 25 basis points ending in September hit 69.7%, and the probability that the Fed will cut the interest rate by a total of 50 basis points ending in September reached 22.8%, according to the CME’s FedWatch.

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

the Chart of the Day

On the chart of the day, XAUUSD continued rising. 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 jump further. Investors should focus on whether XAUUSD will break through the resistance at 3400. It will jump further with potential resistance at 3450 if it breaks above 3400.

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 golden cross occurred, showing that the market trend is bullish. Investors should focus on whether XAUUSD will break through the support at 3327. It will rise further if it retreats but is stable above 3327.

Key resistance: 3400,3450

Key support: 3327,3300

Generally speaking, the market trend is bullish in the short term. Investors should focus on US Non-Farm Payrolls (June) during the day.