The precious metal “gold” opened last week at $2430 per ounce, and achieved significant gains during the week by reaching its highest price at $2508 per ounce, a historical level that gold has not reached since before 2002. The lowest price it reached during the past week was $2423 per ounce.
Gold opened this week at the same level as the previous closing, $2508 per ounce, and recorded its highest price so far at $2509 per ounce, while its lowest price so far reached $2495 per ounce.
Gold Technical Outlook
The moving averages crossovers indicate the continuation of the upward trend, as gold is trading above these averages, which reinforces the idea of continuing the rise. In addition, the MACD indicator shows positive signs that support purchasing power, despite the appearance of some weakness in momentum.
Fundamental factors:
Several fundamental factors affect the movement of gold. For example, geopolitical tensions or changes in central banks’ monetary policies can increase demand for it as a safe haven. In addition, traders should follow the movements of the US dollar, as there is an inverse relationship between the price of it and the strength of the dollar.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2510 | 2501 |
| Target Point 1 (TP1) | First resistance: 2515 | First support: 2496 |
| Target Point 2 (TP2) | Second resistance: 2520 | Second support: 2494 |
| Stop Loss (SL) | 2501 | 2510 |
In conclusion, gold is expected to continue to rise, but it is important to monitor key support and resistance levels. Traders are advised to be cautious, taking into account the possibility of price volatility, and rely on additional signals from other technical indicators before making final trading decisions.
