Currently, the XAU/USD pair is exhibiting an interesting dynamic that blends market signals and economic indicators, creating opportunities for both quick trades and more extended strategies.
Gold has retreated from recently reached peaks, now finding itself at a significant support level at $2350.00. With the upcoming release of inflation statistics in the USA on May 15, there is an expectation that a possible slowdown in inflation could weaken the dollar, thereby favoring gold.
Moreover, retail sales in the USA may provide additional information about the economic trajectory and influence expectations regarding the Fed's monetary policy.
Potential for Uptrend Supported by Moving Averages
On the daily chart, XAU/USD shows strong upward potential, primarily reinforced by moving averages. Despite bearish signals from some oscillators, such as Momentum and MACD, the predominance of positive moving averages suggests that retracements can be seen 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 operations, 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 reversal of the trend.
For a medium-term outlook, after the release of economic data, consider opening short positions if the support at 2336.50 is clearly broken downwards, with a target at 2300.00 and 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 capitalize on these opportunities.