Technical Analysis: XAUUSD

XAUUSD reached a record high again

On Monday, XAUUSD increased by more than 2% and broke above the US$4440 mark, reaching a record high again.

Geopolitical tension escalated

The crisis in Venezuela escalated, and potential conflict between Iran and Israel persisted recently. All of this intensified geopolitical tension.

Gold ETF holdings increased

As of 22^nd December, gold ETF holdings reached 1064.56 tons, an increase of 12.02 tons from the data recorded on 21^st December, 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 4520. It will jump with potential resistance at 4600 if it breaks above 4520.

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 4450. It will rise if it retreats but is stable above 4450.

Key resistance: 4520,4600

Key support: 4450,4406

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