Continuing previous weeks trend, lower levels of volatility may be considered as a primary scenario.
XAU/USD short-term forecast
Gold is in a strong bullish breakout on the hourly chart, currently trading at 5397.51. After consolidating between 5150.00 and 5215.00, it broke above 5215, which is now a key support level. Immediate support is around 5350.00, and the next major resistance sits at 5520.00. The MACD confirms strong momentum with a bullish crossover, though the slightly red histogram and high peak suggest a possible short-term pause or sideways movement. Overall, the trend favors further upside, but buying at the current price carries risk, and a pullback toward 5215.00 could occur if momentum slows.
XAU/USD daily charts review
XAU/USD shows a strong bullish trend with the price currently around 5395.00, moving toward resistance near 5680. Key support levels at 5150.00 and 4580.00 have held well during past pullbacks, indicating solid buying zones if a dip occurs. The RSI is around 64.8, suggesting momentum remains strong but not yet overbought, which leaves room for further upward movement. Overall, the trend is healthy, but the price may face resistance near 5680 where some consolidation or profit-taking could happen.Further inflationary pressures and elevated levels of uncertainty may provide bullish bias of the precious metals price in the near term.
Daily Candle Chart
Traders going long
Gold shows a strong bullish bias among retail traders, with 85% of participants currently holding Long positions compared to only 15% in Short positions.