Technical Analysis: XAUUSD

XAUUSD broke above the US$3400 mark

On Monday, XAUUSD climbed to a five-week high. It stood at the US$3400 mark at one point. It ended up 1.39% at US$3397.09 per ounce.

The USDX broke below the 98 mark

On Monday, the USDX declined and broke below the 98 mark. It ended down 0.65% at 97.80.

Gold ETF holdings increased

As of the 21^st July, Gold ETF holdings increased by 3.43 tons to 947.06 tons, according to the data from the world’s 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 jump further. Investors should focus on whether XAUUSD will break through the resistance at 3422. It will rise with potential resistance at 3450 if it breaks above 3422.

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 3370. It will climb if it retreats but is stable above 3370.

Key resistance: 3422,3450

Key support: 3370,3345

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on the speech delivered by the Fed Governor Powell during the day.