XAUUSD Is Possibly Bullish

Technical analysis

The Ichimoku indicator gives a possible bullish signal

The RSI is above line 50, indicating that an uptrend may prevail.

What the possible outcomes are

XAUUSD traded around 1,730 as gold was trying to recover after the sharp fall on Monday. The precious metal came under pressure after surprisingly positive Nonfarm data. The U.S. dollar gains spurred by tapering talk, which is bad for gold.

In our most likely scenario, XAUUSD may rise towards the first resistance level of 1,748.

If the pair surpasses the first resistance level, we should expect a continued surge towards the second resistance level of 1,758.

Contrarily, the pair may initially decline towards the first support level of 1,733.

If the pair falls below the first support level, we can expect a continued downtrend towards the second support level of 1,723.

Key levels

Support 1,723 1,733

Resistance 1,748 1,758 1,769

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