Technical Analysis: XAUUSD

XAUUSD climbed for three consecutive days

On Monday, XAUUSD rose for three consecutive trading days. It stood at the US$3380 mark at one point. It ended up 0.32% at US$3373.56 per ounce.

Geopolitical tension escalated

Indirect ceasefire talks between Israel and Hamas collapsed, and the Prime Minister of Israel Benjamin Netanyahu called a cabinet meeting, planning the next move, Reuters said on the 4^th August local time.

Gold ETF holdings increased

As of the 4^th August, gold ETF holdings increased by 1.72 tons from the day before to 954.8 tons, according to the data from the world’s largest Gold ETF——SPDR Gold Trust.

Technically speaking, the bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD continued closing in positive territory. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that XAUUSD will climb further. Investors should focus on whether XAUUSD will break through the resistance at 3400. It will rise further with potential resistance at 3440 if it breaks above 3400.

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 3360. It will climb if it retreats but is stable above 3360.

Key resistance: 3400,3440

Key support: 3360,3330

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on US economic data during the day.