📊 Market Analysis
Product: XAU/USD
Prediction: Increase
Date : September 12, 2024
🔵Technical Analysis:
From a technical perspective, the daily chart for the XAU/USD pair indicates a bullish trend, despite a lack of upward momentum. The pair is trading above a positive 20 Simple Moving Average, with buyers supporting it. Meanwhile, the 100 and 200 SMAs also show bullish trends, remaining well below the current price. Technical indicators are in positive territory but lack clear directional strength, keeping the risk tilted upward.
In the short term, the 4-hour chart shows a neutral-to-bullish outlook. XAU/USD is above the converging 20 and 100 SMAs at around $2,507.00, with indicators rising from their midlines and maintaining an upward trajectory.
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Edited 12 Sep 2024, 12:41
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