📈 Gold (XAU/USD) Update: Oversold Bounce Incoming?
Gold is showing strong signs of recovery on the Daily (1D) timeframe. After a steep correction from the $5,625 highs, price action has stabilized and pushed back above $5,000.
Key Indicator: The StochRSI is currently in the "Oversold" zone (values around 17-21) and is crossing upward. Historically, this cross often signals a potential momentum shift to the bullish side.
Key Levels to Watch:
🚧 Resistance: $5,100 (Immediate Psychological Level) & $5,394
🛡️ Support: $4,963 (24h Low) & $4,800
My Outlook:
🐂 Bullish: Momentum is building. A solid daily close above the $5,100 level could confirm the reversal and open the path toward $5,250 - $5,300.
🐻 Bearish: If price gets rejected at $5,100, expect a retest of the $4,963 support zone to gather more liquidity.
⚠️ Disclaimer: This is a technical perspective based on chart indicators, not financial advice. Always manage your risk.
#XAUUSD #GoldSilverRally #commodities
