After a week of strong gold gains, the precious metal continues its upward trend this week. Gold opened at $2,578 per ounce, and recorded its highest price at $2,589 per ounce, while its lowest price so far was $2,575 per ounce. Currently, gold is trading at $2,584 per ounce.
Moving Averages and MACD Indicator
Gold price is above the moving averages’ crossovers, which reinforces expectations of a continuation of the uptrend. The MACD indicator also indicates a clear buying power, which indicates the continuation of the positive momentum for gold.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2588 | 2579 |
| Target Point 1 (TP1) | First resistance: 2593 | First support: 2574 |
| Target Point 2 (TP2) | Second resistance: 2598 | Second support: 2569 |
| Stop Loss (SL) | 2579 | 2588 |
Given the current technical data, gold is expected to continue its upward trend, supported by strong buying power and positive signals from technical indicators. Traders may benefit from this trend in the coming days, while monitoring support and resistance levels to analyze any potential market volatility.
