Technical Analysis: XAUUSD

XAUUSD hit a high of more than a week

On Tuesday, XAUUSD rose 0.6%, hitting a high of more than a week at $2,668.92 per ounce. It closed at $2,662.87 per ounce.

Fed officials supported rate cuts

Mary Daly, president of the San Francisco Fed, said on Tuesday that the Fed will continue to cut interest rates this year as long as data meets expectations. She also pointed out that despite last month's rate cut, monetary policy is still pushing inflationary pressures down.

Gold ETF holdings increased

As of October 15, the world's largest gold ETF, SPDR Gold Trust, held 884.59 tons of gold, an increase of 4.02 tons from the previous trading day.

Technically speaking, 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, KDJ went upwards after the golden cross, showing that XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the resistance at 2685. It will rise further if it breaks above the resistance at 2685.

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 the golden cross, showing that the market trend is bullish. Investors should focus on whether XAUUSD will break through the support at 2655. It will rise further if it retreats but is stable at 2655.   

Key resistance: 2685,2700

Key support: 2655,2638

Generally speaking, XAUUSD is more likely to rise further in the short term. Investors should focus on US economic data during the day.