- Gold has created a classic bull flag - a continuation pattern - on the 4-hour chart.
- A convincing break above $1,248 (upper end of the flag) would signal a continuation of the rally from the low of $1,216 and would open the doors to $1,280 (target as per the measured height method - pole height added to breakout price).
- That target may not look feasible for now. That said, the flag breakout could yield a rally to the 200-day moving average (MA), which is currently located at $1,256.
- The key moving averages (50, 100, and 200) are trending north and located one above the other, indicating the path of least resistance is to the higher side. So, the prospects of the bullish breakout are high.
4-hour chart
Trend: Bullish
XAU/USD
Overview:
Today Last Price: 1244.69
Today Daily change: -1.2e+2 pips
Today Daily change %: -0.0947%
Today Daily Open: 1245.87
Trends:
Previous Daily SMA20: 1229.62
Previous Daily SMA50: 1225.61
Previous Daily SMA100: 1212.89
Previous Daily SMA200: 1231.76
Levels:
Previous Daily High: 1247.21
Previous Daily Low: 1242.1
Previous Weekly High: 1250.1
Previous Weekly Low: 1221.39
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1245.26
Previous Daily Fibonacci 61.8%: 1244.05
Previous Daily Pivot Point S1: 1242.91
Previous Daily Pivot Point S2: 1239.95
Previous Daily Pivot Point S3: 1237.79
Previous Daily Pivot Point R1: 1248.02
Previous Daily Pivot Point R2: 1250.18
Previous Daily Pivot Point R3: 1253.14
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
Recommended content
Editors’ Picks
AUD/USD climbs closer to 0.6500 as Israel-Iran ceasefire boosts risk sentiment
AUD/USD recovers further toward 0.6500 early Tuesday amid a positive turnaround in global risk sentiment, bolstered by the Israel-Iran ceasefire announcement. This, along with the revival of Fed rate cut bets, weighs heavily on the safe-haven US Dollar, lending support to the pair for the second consecutive day.
USD/JPY extends the pullback below 145.50 amid a weaker US Dollar
USD/JPY extends the sharp retracement from 148.00 for the second consecutive day on Tuesday amid a broad US Dollar weakness. Fed Governor Bowman pointed to the possibility of a rate cut in July. Meanwhile, the Iran-Israel ceasefire also undermines the USD, adding to the pair's downside ahead of Fed Chair Powell's two-day congressional testimony.
Gold awaits Powell amid Iran-Israel ceasefire, July Fed rate cut talks
Gold price bounces-off nine-day lows near $3,335 early Tuesday on reviving July Fed rate cut talks. US Dollar corrects sharply from the monthly top on a Iran-Israel ceasefire and dovish Fed expectations. XAU/USD looks to Fed Powell’s testimony as the 50-day SMA is tested; the daily RSI teases the midline.
Bitcoin, crypto market begin recovery as Israel and Iran agree to a ceasefire
The cryptocurrency market made a comeback on Monday, rebounding from a weekend dip as top assets, including Bitcoin, Ethereum, and XRP, staged a recovery. The rebound follows US President Donald Trump's statement that Israel and Iran will each conduct a 12-hour ceasefire, after which the war threats will come to an end.
Could Iran block the Strait of Hormuz? Why Oil is on edge after US strikes
As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.