International Gold (XAU/USD): Technical Analysis and Trading Outlook
Introduction
International gold (XAU/USD) is a precious metal that is traded globally. It is often considered to be a safe-haven asset, meaning that investors tend to buy it during periods of economic uncertainty.
Technical Analysis
The XAU/USD currency pair has been in a bullish trend since March 2020. The price has been forming higher highs and higher lows, and it has recently broken above its previous resistance level at $1,900.
The moving averages are also supportive of the bullish trend. The 50-day moving average is above the 100-day moving average, and both moving averages are sloping upwards.
The Relative Strength Index (RSI) is also bullish. The RSI is currently above 50, indicating that the bulls are in control of the market.
Trading Outlook
The technical analysis suggests that the XAU/USD currency pair is likely to continue to trend higher in the short term. The price is likely to test the resistance level at $1,950 in the coming days. If the price breaks above this level, it could continue to rise to $2,000 or higher.
However, it is important to note that the gold market is very volatile. The price can move quickly and unpredictably. Therefore, it is important to trade with a stop-loss order to protect your profits.
Conclusion
The technical analysis suggests that the XAU/USD currency pair is likely to continue to trend higher in the short term. However, it is important to trade with a stop-loss order to protect your profits.
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