Technical Analysis: XAUUSD

XAUUSD hit a two-week high

On Tuesday, in Asian session, XAUUSD climbed steadily. At one point, It broke above the US$3380 mark to the highest level since 11^th August.

The USDX rebounded steadily

On Monday, the USDX rebounded steadily, and broke above the 98 mark again. It ended up 0.71% at 98.39.

Gold ETF holdings increased

As of 25^th August, gold ETF holdings increased by 1.72 tons to 958.49 tons, according to the data from the world’s largest ETF —— SPDR Gold Trust.

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 in the short term. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the resistance at 3408. It will jump with potential resistance at 3439 if it breaks above 3408.

4-hour chart

On the 4-hour chart, XAUUSD increased steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, RSI 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 3351. It will rise if it retreats but is stable above 3351.

Key resistance: 3408, 3439

Key support: 3351, 3321

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on US economic data during the day.