Gold Technical Analysis XAUUSD: Gold is trading in a weak uptrend today, recording a high of 2770.49 and a low of 2744.89, and currently stands at 2753.36. Despite recording some slight gains, the emergence of bearish signals weakens the continuation of this rise.
Gold Technical Analysis XAUUSD: Price Analysis
Prices appear to be trading below the major moving averages, indicating weak upward momentum and supporting the hypothesis of a return to the downtrend. This trading below the moving averages is evidence that the strength of the downtrend may be increasing.
with the possibility of further price declines if the current situation continues.
Technical Analysis:
- Moving Averages: Gold trading below the moving averages indicates weakness in the current upward movement, which reinforces expectations of bearish pressure on the market. If gold continues in this range, further declines may occur in the coming sessions.
- MACD Indicator: The MACD indicator is showing a negative trend, trading in the negative territory, reflecting weak bullish momentum and a possible downward trend reversal. This signal from the MACD suggests that the uptrend may be fragile and the downtrend may become stronger in the near future.
Forward Outlook:
Based on the current technical analysis, gold is likely to face downward pressure in the near term. If trading continues below the moving averages and the MACD indicator continues to point in the negative direction, gold may witness a further decline towards key support levels.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2760.61 | 2742.65 |
| Target Point 1 (TP1) | First resistance: 2768.70 | First support: 2736.36 |
| Target Point 2 (TP2) | Second resistance: 2773.10 | Second support: 2731.55 |
| Stop Loss (SL) | 2742.65 | 2760.61 |
Gold is facing challenges in maintaining its upward momentum as it trades below the moving averages and MACD signals are showing a bearish trend. Therefore, any potential price pullbacks should be monitored which could present selling opportunities if the bearish signals persist.
