Technical Analysis: XAUUSD

XAUUSD reached a record high again

On Monday, XAUUSD revised a record high again and reached US$2956.18 for some time. It ended up 0.55% at US$2952.29 per ounce.

Concerns on trade raised safe-haven demand

Tariff increase will be imposed on both Mexican goods and Canadian goods as scheduled, the US President Trump said on Monday. Trump’s statements raised concerns on global trade, boosting the safe-haven demand for gold.

Gold ETF holdings increased

As of the 24^th February, gold holding increased by 3.15 tons to 907.53 tons, which marked the highest level since August 2023, according to the data from the world’s largest Gold ETF--SPDR Gold Trust.

Technically speaking, the bullish market trend prevailed

the Chart of the Day

On the chart of the day, XAUUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the resistance at 2970. It will jump further with potential resistance at 3000 if it breaks above 2970.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether XAUUSD will break through the support at 2930. It will rise further if it retreats but is stable above 2930.

Key resistance: 2970, 3000

Key support: 2930, 2916

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on speeches delivered by officials at the Fed during the day.