The XAUUSD (Gold vs. US Dollar) chart on the 15-minute timeframe provides insight into the short-term price action of gold as of May 08, 2025. The current price is at 3,356,295 USD, down by 8,215 USD (-0.244%) as indicated at the top of the chart. The price has recently tested the resistance zone around 3,356,670 USD (marked as “SELL”) and failed to break higher, leading to a pullback. This resistance aligns with a descending trendline, suggesting bearish pressure.
Key support levels are identified at 3,200,000 USD and 3,160,000 USD, while resistance zones are at 3,356,670 USD and 3,400,000 USD. The RSI (Relative Strength Index) at the bottom of the chart is currently at 41.31, indicating that gold is neither overbought nor oversold but trending toward the lower end, which could signal potential for further downside if it drops below 30. The price action shows a failed breakout from an ascending triangle pattern, reinforcing a bearish outlook.
Recommendation: A short-selling strategy is advisable. Traders can initiate sell positions in the recommended range of 3,358,000 USD to 3,365,000 USD, which aligns with the recent resistance zone. Set stop-loss orders above 3,400,000 USD to manage risk, and target the support levels at 3,200,000 USD or 3,160,000 USD for profit-taking. Monitor the RSI for signs of oversold conditions that might indicate a reversal.
Key support levels are identified at 3,200,000 USD and 3,160,000 USD, while resistance zones are at 3,356,670 USD and 3,400,000 USD. The RSI (Relative Strength Index) at the bottom of the chart is currently at 41.31, indicating that gold is neither overbought nor oversold but trending toward the lower end, which could signal potential for further downside if it drops below 30. The price action shows a failed breakout from an ascending triangle pattern, reinforcing a bearish outlook.
Recommendation: A short-selling strategy is advisable. Traders can initiate sell positions in the recommended range of 3,358,000 USD to 3,365,000 USD, which aligns with the recent resistance zone. Set stop-loss orders above 3,400,000 USD to manage risk, and target the support levels at 3,200,000 USD or 3,160,000 USD for profit-taking. Monitor the RSI for signs of oversold conditions that might indicate a reversal.
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