Gold Price Analysis: XAU/USD reaches Volume Cluster, what next?

Bulls taking control as price break the prior resistance now turns support.
Resistance is critical at this juncture and may give way to further bullish support.

Ross J Burland FXStreet

Gold has rallied out from a sideways channel and has claimed the volume cluster area.

1HR chart

Prior gold analysis

From here, there could well be a possibility of a day trade into the closing, but it will take time to develop.

If gold prices break the current resistance with an adequate pull back, the fade could offer an opportunity to buy into the bullish trend, in an exact same strategy as what the following provided:

Gold Price Analysis: XAU/USD bulls step back in at a discount, targeting continuation to $1,965

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold consolidates the rebound below $5,000, US data eyed

Gold price consolidates the previous rebound below $5,000 in the Asian session on Thursday. The precious metal recovered on Wednesday amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Zora launches attention markets on Solana network

Zora has launched a new attention markets feature on the Solana network, allowing users to trade and speculate on emerging online cultural trends.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.