Technical Analysis: XAUUSD

XAUUSD reached a record high again

On Monday, XAUUSD increased by more than 1% and broke above the US$3680 mark, setting a record high again.

The USDX was capped

On Monday, as the Fed was expected to cut the interest rate, the USDX continued falling. It ended down 0.28% at 97.34.

Gold ETF holdings increased

As of 15^th September, gold holdings reached 976.81 tons, increasing by 2.01 tons compared to the data on 14^th September, according to the data from the world’s largest gold ETF--SPDR Gold Trust.

The bullish market trend prevailed

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, 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 3700. It will jump with potential resistance at 3750 if it breaks above 3700.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and climbed in the short term. The bullish market trend prevailed. In terms of technical indicators, KDJ 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 3656. It will rise further if it retreats but is stable above 3656.

Key resistance: 3700,3750

Key support: 3656,3626

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus US Retail Sales, m/m (August) during the day.