$XAU : Market Analysis and Strategy for February 13th
Gold prices fluctuated upwards during the Asian and European sessions yesterday, rising to $5119 before falling back. The release of negative non-farm payroll data in the US session caused a sharp drop in gold, falling to a low of $5021 before rebounding. The daily chart closed higher, with the 5-day moving average trending upwards, and the accompanying indicators turning upwards. The MACD indicator showed decreasing selling pressure, indicating a bullish bias on the daily chart.
Potential Buying Area: $5000~$5050
SL: 4950
TP1: $5100~$5150
TP2: $5200
TP3: 🚀
On the hourly chart, gold prices continued to fall after opening, bottoming out at $5044 before rebounding. Currently, it is trading around $5060. The 5-day moving average is trending downwards, and the trend indicators are bearish. The MACD indicator's fast and slow lines are above the zero line, but the crossover is downwards, indicating increasing selling pressure and a short-term downward bias. Given the bullish daily chart, we recommend waiting for a pullback to support levels to buy or a short-term selling strategy.
#GoldSilverRally #GOLD #BullishMomentum
