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Short-Term XAUUSD Techincal Analysis

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Today we see that the XAUUSD is continuing its rise from 1891.70 , and the intraday bias is on the upside. We expect to see it rise to 1977-2006.50 next. On the other hand, if it breaks 1891.70, then the outlook will turn neutral and we'll need to wait and see.

The 4hr chart is currently showing signs of bullish strength, but the hourly chart is in the over-bought zone. We believe that momentum will continue to swing upwards as the 4hr chart shows bullish. Our first support is at 1926.00 and our second support was at 1906.01.That's why long positions around 1906 are favored for now.


What's next to watch?

The US manufacturing index is coming up soon. Along with initial jobless claims, industrial production data, and US bond yields, it could affect the US dollar. In addition, to capitalize on some short-term gold opportunities, traders will consider Russia-Ukraine news and the broader market mood in order to make their trades.

Happy Pips!

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