XAUUSD Analysis: Bullish Bias Holds, Eyes on 2088.24 and Beyond

Gold (XAUUSD) remains locked in an uptrend, having recently found support at the rising trend line on the daily chart. This suggests continued buying pressure and opens the door for further upward movement in the coming days.

Bullish Outlook:

  • The failure to break below the trend line signifies strong bullish momentum.
  • As long as this support holds, further rise towards 2088.24, the next resistance level, is highly likely.
  • A potential breakout above 2088.24 could pave the way for a climb towards the previous high of 2134.97.

Key Support Levels:

  • 2013.05: This immediate support level acts as a first line of defense. A breakdown below could trigger a pullback towards 1973.
  • 1973 and 1930: These subsequent support levels could come into play if the pullback extends beyond 1973.