Technical Analysis: XAUUSD

XAUUSD reached a record high

On Wednesday, XAUUSD surged by more than 3% and broke above the US$3300 to a record high.

Economic growth may slow down, Powell said

Higher-than-expected tariffs mean that the inflation may rise and economic growth may slow down, the Fed Governor Powell said on Wednesday. The Fed will wait for more economic data and then adjust the interest rate.

The USDX fell

On Wednesday, the USDX fell again. It declined to about US$99 at one point. It ended down 0.89% at 99.26.

Technically speaking, the bullish market trend prevailed

the Chart of the Day

On the chart of the day, XAUUSD continued rising. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that XAUUSD will jump further. Investors should focus on whether XAUUSD will break through the resistance at 3400. It will climb further with potential resistance at 3450 if it breaks above 3400.

Four-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, RSI 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 3316. It will rise further if it retreats but is stable above 3316.

Key resistance: 3400, 3450

Key support: 3316, 3288

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