Based on your analysis, the XAU/USD pair (Gold to US Dollar) is currently demonstrating a bullish momentum. The price being above a significant ascending trendline is a good indicator suggesting further bullish momentum could be anticipated.
Category: Technical Analysis
Friday 26th May 2023: Technical Outlook and Review
In the short term, there’s a possibility that the price could further descend towards the first support level at 103.50 before rebounding and climbing towards the first resistance. This first support level is known as a pullback support, which suggests it could halt any further downward movement.
Thursday 25th May 2023: Technical Outlook and Review
In the near term, the price could potentially decline further to the first support level at 103.63 before bouncing back and ascending towards the first resistance level. The first support level, identified as a multi-swing low support, may offer a strong base to prevent further price decline.
Wednesday 24th May 2023: Technical Outlook and Review
The EUR/USD pair currently exhibits a bearish trend, with the price moving in a bearish descending channel.
Given this trend, there is potential for continued bearish movement towards the initial support level.
Tuesday 23nd May 2023: Technical Outlook and Review
The DXY chart is currently bearish, with the price trading below a major descending trend line, suggesting further bearish momentum could be on the cards.
The price could potentially continue downwards to the 1st support level. The 1st support is at 100.77, serving as a multi-swing low support, which could be a strong level of buying interest.