Technical Analysis
EFD Group shows how to look back in time through trading on a forex chart. EFD technical analysts utilize technical charts to predict future price movements. Our Clients with open and funded trading accounts get help from our technical analysis which increases the winning potential in the forex market. The technical analysis is done based on the information provided by forex charts. Future investment movements are anticipated through a technical analysis, which looks at historical market prices and technical indicators. They believe supply and demand forces in the specific security market cause short-term price fluctuations.
Chart of the day
From a technical standpoint, the recent drop below the \$3,200 level—followed by a decline beneath the 61.8% Fibonacci retracement of April’s strong upward move—could serve as a fresh signal for bearish traders. Additionally, momentum indicators on the daily chart are beginning to show negative bias, suggesting that gold prices may continue to decline toward the \$3,135–\$3,133 support zone. If selling pressure persists, the XAU/USD pair could fall further toward the \$3,100 level, and a break below that might open the door to the next significant support around \$3,060. On the other hand, any recovery attempt above the \$3,168–\$3,170 range (aligned with the 61.8% Fibonacci level) is likely to face firm resistance near the \$3,200 area, which marks the recent Asian session high. Further upside attempts could be viewed as selling opportunities and may lose momentum near the \$3,230 level—the 50% retracement. This zone is expected to act as a key inflection point; a sustained move above it could trigger a short-covering rally, potentially pushing gold towards the \$3,265 resistance and possibly the \$3,300 mark, corresponding to the 38.2% Fibonacci retracement level.
