Currently, the pair shows an interesting dynamic that combines market signals and economic indicators, creating opportunities for both quick trades and broader strategies.
Gold has pulled back from recent highs and is now at a significant support level at $2,350.00. With the upcoming release of US inflation statistics on May 15, there is an expectation that a possible slowdown in inflation could weaken the dollar, thus favoring gold.
In addition, US retail sales can provide additional information about the economic trajectory and influence expectations about the Federal Reserve's monetary policy.
Uptrend Potential Supported by Moving Averages
On the daily chart, XAU/USD shows strong bullish potential, mainly reinforced by the moving averages. Despite bearish signals from some oscillators, such as Momentum and MACD, the dominance of positive moving averages suggests that pullbacks can be viewed as buying opportunities.
Key levels
- Resistance: 2378.39, 2400.00, 2431.44, 2450.00
- Support: 2353.79, 2336.50, 2320.00, 2300.00
Recommended strategies
For short-term trading, it is recommended to initiate purchases when the price begins to rise after touching or approaching the support at 2336.50, with targets at 2378.39 and potentially up to 2450.00. The Stop Loss should be placed at 2336.50 to protect against an unexpected trend change.
For a medium-term perspective, after the release of economic data, consider opening short positions if the support at 2336.50 is clearly broken to the downside, with a target at 2300.00 and a Stop Loss at 2353.79.
Conclusion
With XAU/USD at a crossroads, there are opportunities for both buyers and sellers, depending on economic developments and technical signals. Adjusting strategies according to the market's reaction to emerging economic data will be crucial to taking advantage of these opportunities.
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