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Analysis and Education>Technical Analysis: XAUUSD

Technical Analysis: XAUUSD

30.01.2024

XAUUSD reached a one-week high


On Monday, XAUUSD was prone to fluctuation and climbed. It reached US$2037.41 at one point. It ended up 0.71% at a one-week high of US$2032.88 per ounce.


The USDX climbed and then fell


On Monday, the USDX reached the highest level since December 13 and then fell sharply. It ended up 0.01% at 103.47.


Risk aversion climbed


On Monday, as political tension escalated in the Middle East, risk aversion climbed, boosting XAUUSD.


The bullish market trend prevailed in the short term


the Chart of the Day


On the chart of the day, XAUUSD increased greatly yesterday. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the support at 2020. It will rise further if it retreats but is stable above 2020.


4-hour chart


On the 4-hour chart, XAUUSD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing the market trend is bullish. Investors should focus on whether XAUUSD will break through the resistance at 2040. It will rise further with potential resistance at 2060 if it breaks above the resistance at 2040.


Key resistance: 2040, 2060

Key support: 2020, 2009

 

Generally speaking, as risk aversion climbed, XAUUSD may rise further in the short term. Investors should focus on US economic data during the day.

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