Technical Analysis: Next week, gold is expected to exhibit high volatility and wide-range consolidation. The market is currently locked in a battle at a critical bull-bear dividing line, while the fundamentals are facing a major turning point in terms of both pattern and structure due to intense interplay between macroeconomic policies and geopolitical diplomacy! In the short term, the price has faced resistance at 4238 following multiple failed rallies, while a solid support zone has formed at 4180–4170 due to heavy trading volume. The price action is currently exhibiting a high-level triangle or rectangular consolidation pattern. Next week’s strategy will adhere to the principle of “trading within a range—selling high and buying low—before major events, and following the breakout trend after the decision.” Before the interest rate decision (Monday to Tuesday): Trade within the range by selling high and buying low. As the market is typically cautious ahead of the Fed’s decision on Wednesday, the short-term trend is likely to continue its consolidation and oscillation. (Sell): When prices rebound to the 4238–4245 range and encounter resistance, enter a light short position: SL: 4252 TP: 4195–4180. Buy on Dips (Long): When prices pull back to the key support zone of 4170–4180 and stabilize, enter a long position: SL: Below 4160, TP: 4220–4235
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Gold prices plunged more than 2% on Tuesday (February 17), briefly falling below the key psychological level of $4,900 per ounce, hitting a low of around $4,842, a more than one-week low, before closing at $4,878.51. This was due to a breakthrough in US-Iran nuclear negotiations and the start of peace talks between Russia and Ukraine, which significantly eased geopolitical risks and severely impacted demand for gold as a safe haven. The strengthening US dollar further exacerbated the selling pressure. The market is closely watching the upcoming release of the Federal Reserve meeting minutes for further clues about the interest rate path. On Wednesday (February 18) in early Asian trading, gold traded in a narrow range, currently hovering around $4,920 per ounce. #XAUUSD
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On the last trading day, a global sell-off by investors is expected, and gold is projected to close lower. There is a risk of it breaking below $5,000. It is advisable to remain on the sidelines. Since February, gold prices have stabilized, but the daily chart (D1) has not broken below the main upward channel. #XAUUSD
Gold has entered a period of wide-range consolidation, preparing for the next upward move! The New York market has already begun, with key short-term resistance at the psychological level of $4650! Buy orders can be placed around $4615-20 in the New York market, with a target of $4650-55. #XAUUSD
Technical Analysis: The upward trend in gold prices remains intact. However, the Relative Strength Index (RSI) indicates that bullish momentum continues to weaken; while the index remains above the neutral line, its trajectory is flattening.
To sustain the upward trend, traders need to push gold prices back above $4,500, which would clear the path for testing the historical high of $4,549. The next target is $4,600.
Should gold close below Wednesday's low of $4,423, a decline toward the $4,400 level could accelerate. If gold breaks below $4,400, the first support will be the 20-day Simple Moving Average (SMA) at $4,376. Key intraday resistance levels to monitor are $4,480 and the psychological $4,500 threshold, while support focuses on the $4,440-$4,450 range. Maintain a Buy-focused trading approach! Strategy: Buy: $4,448-$4,450 TP: $4,475-$4,478 If $4,480 is breached, lock in TP at $4,495 #XAUUSD #GOLD #NFP
Gold bull market just getting started! Gold is outperforming copper, the Dow Jones, and is now in a huge uptrend channel! Two top US data threaten to ignite the market! TECHNICAL: The daily chart shows that the 14-day Relative Strength Index (RSI) remains in highly overbought territory, currently at 78.50, suggesting that buyers may be exhausted.
Gold could see a brief pullback, which could push the price back down towards the $3,100 round figure level. The next important support level for gold is seen at Monday's low of $3,077, which, if broken, would test the psychological $3,050 level.
Gold buyers need to overcome the $3,150 threshold to start a new uptrend and rise towards the $3,200 level. Trading continues to be dominated by buy trades! #XAUUSD