Technical Analysis: XAUUSD

XAUUSD climbed for three consecutive days

On Monday, XAUUSD gapped up. It came close to US$4370 per ounce for some time. It ended up 2.13% at US$4309.24 per ounce. It jumped for the third straight trading day.

The US and Iran signed the memorandum of understanding

A memorandum of understanding has been signed by President Donald Trump, Vice President JD Vance and Iranian parliament speaker Mohammad Begher Qalibaf, according to the report from Reuters.

The expectation that the Fed will increase the interest rate fell

Traders cut the probability that the Fed will increase the interest rate in December from 70% to 57%, according to the CME’s FedWatch.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that XAUUSD will climb further. Investors should focus on whether XAUUSD will break through the resistance at 4430. It will jump with potential resistance at 4515 if it breaks above 4430.

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 4246. It will rise if it retreats but is stable above 4246.

Key resistance: 4430,4515

Key support: 4246,4170

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as XAUUSD retreats during the day.