XAUUSD Is Possibly Bullish

Technical analysis

The EMA(50) is above the EMA(100), which can be beneficial for bulls

The MACD indicator line is above 0

The RSI is above 50.

What the possible outcomes are

In addition to yesterday’s weakening of the US dollar, the American Senate passed President Biden’s infrastructure plan. The Senate expects the plan to add demand on commodities. Therefore XAUUSD rose and is still on its way up.

If the price passes the initial resistance level of 1,1764.36, it could test the next one higher at 1,777.22.

Alternatively, if the price reverses, then it could reach the first support level of 1,1738.62.

A pass below the first level can move the price up lower toward 1,1718.25.

Key levels

Support 1,1738.62 1,1718.25

Resistance 1,1764.36 1,1777.22

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