XAUUSD Daily Analysis

Technical Overview:

Trend: The gold price is currently trading within a strong bullish range after hitting a high of $2,589.69 today, making it the highest level in the past 52 weeks.

Support Levels:

Immediate support is seen around $2,576.50, which coincides with today’s low.
Further support can be found near $2,550, a key area where previous consolidations have occurred.
Resistance Levels:

Gold is facing resistance near $2,590, which is the daily high.
If the price breaks above $2,590, it could potentially move toward $2,600, a key psychological level.
Indicators:

Moving Averages: The price is comfortably trading above the 50-day and 200-day EMAs, indicating a continuation of the bullish trend.

RSI: The RSI is hovering near the overbought zone, around 70, suggesting a possible pullback or consolidation before a further move upward.

MACD: The MACD histogram shows bullish momentum building up, reinforcing the possibility of a breakout above the current resistance.

Outlook: The overall sentiment for gold remains bullish, driven by macroeconomic uncertainty, inflationary pressures, and a weaker US Dollar. Traders should watch for price action around the $2,590 resistance level and prepare for potential volatility as we approach key economic events this week, such as the Fed's upcoming decisions.