Technical Analysis of Gold Today. The precious metal “gold” continues to decline today after attempts to break the $2518 per ounce area, but it did not succeed in achieving this break. However, as shown by the chart, the bulls’ resistance to the bears continues with great pressure from the bears trying to control the trend.
Gold Technical Analysis: Technical Forecast
The price of gold is currently trading at $2498 per ounce. Trading shows the price falling below most of the moving averages’ intersections, indicating a decline in momentum. In addition, the MACD indicator shows the emergence of a downtrend, which means that the upward trend may be on its way to slowing down or even stopping.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2502 | 2493 |
| Target Point 1 (TP1) | First resistance: 2507 | First support: 2488 |
| Target Point 2 (TP2) | Second resistance: 2512 | Second support: 2483 |
| Stop Loss (SL) | 2493 | 2502 |
Despite the current pullback and attempt to break the resistance level, the bears’ support and indicators of weak uptrend may support the possibility of continuing the decline. It is necessary to monitor the key support and resistance levels and update the analysis based on the upcoming price movements.
