Gold (XAU/USD) remains the most traded commodity in forex, and this week's price action is setting up clear entries.
Current technical setup:
- Support zone: $2,305-2,320 (previous week low + 200 EMA daily)
- Resistance: $2,380-2,400 (psychological round number + monthly R1)
- RSI on H4: 48 (neutral, room to move either way)
Fundamental drivers:
- Dollar index DXY softening on weaker US data
- Central bank gold purchases continue (China + Poland + India)
- Geopolitical tension driving safe-haven flows
Key levels to watch: a break above $2,350 confirms bullish momentum toward $2,380. Failure to hold $2,320 could trigger a retest of $2,280.
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