Fundamental Analysis

• Reports of U.S.–South Korea currency negotiations have triggered a sharp appreciation in the Japanese Yen.
• Full removal of sanctions on Syria may act as a bearish factor for crude oil.

XAUUSD Technical Analysis

XAUUSD is forming a double top pattern, with USD 3200 acting as the neckline. Currently, the 52-day moving average is functioning as a support level, but the price is trading below the neckline.

It is essential to assess whether the 52-day MA support or the neckline resistance will hold stronger.

The Ichimoku Kinko Hyo indicates that the Chikou Span is below the candlesticks, and the Tenkan-sen is below the Kijun-sen. While this does not constitute a strong sell signal, it does suggest rising bearish pressure.
If the neckline holds as resistance and XAUUSD breaks below the 52-day MA, a short entry may be considered.

Intraday Trading Strategy (1-Hour Chart)

On the 1-hour chart, XAUUSD is showing a clear downtrend. Ichimoku signals continue to indicate bearish momentum. Although the 52-day MA on the daily chart is a concern, a test of the USD 3140 level remains possible.

Trading Plan:

• Sell on a pullback near USD 3200
• Stop-loss: USD 3215
• Take profit: near USD 3140

The double top pattern on the daily chart is well-defined, and more traders are likely to take notice.

Support & Resistance Levels to Watch:

• 3200USD – neckline of the double top pattern
  

Gold Market Sentiment

• Sell: 49%,Buy: 51％
  

Key Economic Events Today

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.