Current Price: XAU/USD is trading at 2302.42 as of 10:30 AM.
Oscillators Summary
- Buy: MACD Level
- Sell: Momentum
- Neutral: Relative Strength Index (RSI), Stochastic %K, Commodity Channel Index (CCI), Average Directional Index (ADX), Awesome Oscillator, Stochastic RSI Fast, Williams Percent Range, Bull Bear Power, Ultimate Oscillator
Direction: With one buy signal and one sell signal, the oscillators suggest a relatively neutral sentiment. Conclusion: NEUTRAL
Moving Averages Summary
- Buy: MACD Level
- Sell: Momentum
- Neutral: Relative Strength Index (RSI), Stochastic %K, Commodity Channel Index (CCI), Average Directional Index (ADX), Awesome Oscillator, Stochastic RSI Fast, Williams Percent Range, Bull Bear Power, Ultimate Oscillator
Direction: With all moving averages signaling a sell, the moving averages indicate a bearish trend. Conclusion: SELL
Pivot Points Summary
- Classic: The pivot point is at 2304.222, with support levels at 2294.578 and 2278.162, and resistance levels at 2320.638 and 2330.282.
- Fibonacci: The pivot point is at 2304.222, with support levels at 2294.267 and 2288.117, and resistance levels at 2314.177 and 2320.327.
- Camarilla: The pivot point is at 2304.222, with support levels at 2308.606 and 2306.217, and resistance levels at 2313.384 and 2315.773.
- Woodie: The pivot point is at 2305.915, with support levels at 2297.965 and 2279.855, and resistance levels at 2324.025 and 2331.975.
- DM: The pivot point is at 2306.632, with support levels at 2299.400 and 2271.905, and resistance levels at 2325.460 and 2350.085.
Direction: The pivot points show a neutral stance, with support and resistance levels evenly distributed around the pivot point. Conclusion: NEUTRAL
Gold Forecast
To suggest a potential decrease in XAU/USD quotes, watch for a test of the resistance line on the relative strength index (RSI) and a breakout from the lower border of the reversal pattern. However, if prices rise sharply and break above 2365 on June 11, 2024, this would invalidate the bearish scenario, indicating a breakout of the resistance area and continued growth toward 2425.
Anticipate a potential acceleration in the decline of XAU/USD quotes if the support area is breached and prices close below 2285. The scenario also includes a potential price correction with a test of the resistance area around 2315, followed by continued downward movement targeting below 2145. Conversely, a strong increase in the value of the asset and a breakout above 2365 would cancel the bearish option, suggesting a continued rise in Gold prices with a potential target above 2425.
Conclusion: NEUTRAL
Overall Summary
- Oscillators: NEUTRAL
- Moving Averages: SELL
- Pivot Points: NEUTRAL
- Gold Forecast: NEUTRAL
Scenario for Market Decline (SELL)
If the market sentiment turns bearish and the price breaks below the key support level at 2285:
- Entry Point: Consider short positions upon confirmation of the break below 2285.
- Target: The next significant support level would be around 2145.
- Stop-Loss: Place a stop-loss just above the recent support level at 2304 to manage risk effectively.
Scenario for Market Growth (BUY)
In the event of a bullish reversal and the price surpasses the resistance level at 2365:
- Entry Point: Initiate long positions if the price closes above 2365.
- Target: Aim for the next significant resistance level around 2425.
- Stop-Loss: Set a stop-loss just below the breakout point of 2365 to mitigate potential losses.
Probability Calculation
Given the neutral signals from oscillators, moving averages, pivot points, and the gold forecast:
- Probability of Market Decline: 40%
- Probability of Market Growth: 40%
- Probability of Market Remaining Neutral: 20%
Conclusion
The XAU/USD market is currently exhibiting mixed signals, with oscillators suggesting neutrality, moving averages indicating a bearish trend, pivot points showing a neutral stance, and the gold forecast presenting a neutral outlook. Traders should exercise caution and closely monitor price action for clearer signals before making trading decisions.
Considering the probabilities, there is a slightly higher likelihood of a market decline or remaining neutral compared to market growth. However, the uncertainty calls for a balanced approach with robust risk management strategies in place to navigate potential market fluctuations effectively.