Gold Short-term Technical Support and Resistance Level

XAUUSD Gold Traders

The daily chart of gold shows that the price is holding above all its moving averages, with the bullish 20-day simple moving average (SMA) accelerating to around $2540 and also above the bullish longer-term moving average.

Meanwhile, technical indicators lack directional strength, but remain well above their midpoints, limiting downside opportunities. In the short term, the corrective slide in gold prices continues according to the 4-hour chart.

Gold prices are currently battling the bullish 20-period SMA, while the 100-period SMA and 200-period SMA are gaining upside traction at levels well below current gold prices.

Finally, technical indicators are slightly lower and momentum indicators are close to the 100 line. The overall picture is not yet strong enough to suggest a sharper downtrend ahead.

However, a significant drop below the $2,500 per ounce mark could open the door for gold to extend its corrective move in the coming trading sessions.

Support levels: $2496; $2485.10; $2427.
Resistance: $2510; $2523.50; $2535

To summarise, trading continues to be a buy trade!

Image

$USD Index(USDindex.FOREX)$ $Gold - main 2412(GCmain)$

Gold Hits $2800! Have You Jumped In?

Gold hits $2800 yesterday. The precious metal has risen 34% YTD. ----------------- Will the price of gold reach $3,000 this year? Have you jumped in the asset? Are you bullish on gold as USD will decrease?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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The precious metal has risen 34% YTD.\n-----------------\nWill the price of gold reach $3,000 this year?\nHave you jumped in the asset?\nAre you bullish on gold as USD will decrease?","image":"https://community-static.tradeup.com/news/fa205bc5220f89bda52097b098fae8ad"}],"images":[{"img":"https://community-static.tradeup.com/news/a687ae33049a004f9cea6a45c4df171a","width":"680","height":"328"}],"coverImages":[{"img":"https://community-static.tradeup.com/news/a687ae33049a004f9cea6a45c4df171a","width":"680","height":"328"}],"title":"Gold Short-term Technical Support and Resistance Level","html":"<html><head></head><body><p>The daily chart of gold shows that the price is holding above all its moving averages, with the bullish 20-day simple moving average (SMA) accelerating to around $2540 and also above the bullish longer-term moving average. </p><p>Meanwhile, technical indicators lack directional strength, but remain well above their midpoints, limiting downside opportunities. In the short term, the corrective slide in gold prices continues according to the 4-hour chart. </p><p>Gold prices are currently battling the bullish 20-period SMA, while the 100-period SMA and 200-period SMA are gaining upside traction at levels well below current gold prices. </p><p>Finally, technical indicators are slightly lower and momentum indicators are close to the 100 line. The overall picture is not yet strong enough to suggest a sharper downtrend ahead. </p><p><strong>However, a significant drop below the $2,500 per ounce mark could open the door for gold to extend its corrective move in the coming trading sessions.</strong> </p><ul style=\"\"><li><p>Support levels: $2496; $2485.10; $2427. </p></li><li><p>Resistance: $2510; $2523.50; $2535 </p></li></ul><p>To summarise, trading continues to be a buy trade! </p><p class=\"t-img-caption\"><img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/a687ae33049a004f9cea6a45c4df171a\" tg-width=\"680\" tg-height=\"328\"><span>Image</span></p><p> <a data-mention-id=\"USDindex.FOREX\" class=\"teditor-mention\" data-mention-name=\"USD Index\" href=\"https://ttm.financial/S/USDindex.FOREX\">$USD Index(USDindex.FOREX)$</a>  <a data-mention-id=\"GCmain\" class=\"teditor-mention\" data-mention-name=\"Gold - main 2412\" href=\"https://ttm.financial/FUT/GCmain\">$Gold - main 2412(GCmain)$</a> </p><p><a href=\"https://x.com/TradersXauusd/status/1826547082049810645/photo/1\" title=\"\n\n\" class=\"css-175oi2r r-1pi2tsx r-1ny4l3l r-1loqt21\"><br></a></p></body></html>","htmlText":"<html><head></head><body><p>The daily chart of gold shows that the price is holding above all its moving averages, with the bullish 20-day simple moving average (SMA) accelerating to around $2540 and also above the bullish longer-term moving average. </p><p>Meanwhile, technical indicators lack directional strength, but remain well above their midpoints, limiting downside opportunities. In the short term, the corrective slide in gold prices continues according to the 4-hour chart. </p><p>Gold prices are currently battling the bullish 20-period SMA, while the 100-period SMA and 200-period SMA are gaining upside traction at levels well below current gold prices. </p><p>Finally, technical indicators are slightly lower and momentum indicators are close to the 100 line. The overall picture is not yet strong enough to suggest a sharper downtrend ahead. </p><p><strong>However, a significant drop below the $2,500 per ounce mark could open the door for gold to extend its corrective move in the coming trading sessions.</strong> </p><ul style=\"\"><li><p>Support levels: $2496; $2485.10; $2427. </p></li><li><p>Resistance: $2510; $2523.50; $2535 </p></li></ul><p>To summarise, trading continues to be a buy trade! </p><p class=\"t-img-caption\"><img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/a687ae33049a004f9cea6a45c4df171a\" tg-width=\"680\" tg-height=\"328\"><span>Image</span></p><p> <a data-mention-id=\"USDindex.FOREX\" class=\"teditor-mention\" data-mention-name=\"USD Index\" href=\"https://ttm.financial/S/USDindex.FOREX\">$USD Index(USDindex.FOREX)$</a>  <a data-mention-id=\"GCmain\" class=\"teditor-mention\" data-mention-name=\"Gold - main 2412\" href=\"https://ttm.financial/FUT/GCmain\">$Gold - main 2412(GCmain)$</a> </p><p><a href=\"https://x.com/TradersXauusd/status/1826547082049810645/photo/1\" title=\"\n\n\" class=\"css-175oi2r r-1pi2tsx r-1ny4l3l r-1loqt21\"><br></a></p></body></html>","text":"The daily chart of gold shows that the price is holding above all its moving averages, with the bullish 20-day simple moving average (SMA) accelerating to around $2540 and also above the bullish longer-term moving average. Meanwhile, technical indicators lack directional strength, but remain well above their midpoints, limiting downside opportunities. In the short term, the corrective slide in gold prices continues according to the 4-hour chart. Gold prices are currently battling the bullish 20-period SMA, while the 100-period SMA and 200-period SMA are gaining upside traction at levels well below current gold prices. Finally, technical indicators are slightly lower and momentum indicators are close to the 100 line. The overall picture is not yet strong enough to suggest a sharper downtrend ahead. However, a significant drop below the $2,500 per ounce mark could open the door for gold to extend its corrective move in the coming trading sessions. Support levels: $2496; $2485.10; $2427. Resistance: $2510; $2523.50; $2535 To summarise, trading continues to be a buy trade! 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