Gold Technical Analysis XAUUSD: Gold has been under selling pressure in recent days after a strong upward trend. This is due to a slight improvement in risk appetite in global markets, along with the release of US data supporting higher interest rates for a longer period, reducing the metal’s appeal as a safe haven. With US inflation data due to be released tomorrow, caution prevails in gold trading, with some attempts at a technical recovery.
Gold Technical Analysis XAUUSD: Real-Time Price Action (H1)
- Today’s High: 3033.74
- Today’s Low: 3002.26
- Current Price: 3020.27
The price is moving within a narrow consolidation range after a strong decline on April 5 and 6, and buyers appear to be trying to defend the $3,000 per ounce support.
Technical Analysis and Indicators
General Trend:
The short-term trend remains bearish, as the price is trading below all moving averages, which are clearly sloping downward, indicating continued dominance by sellers, despite timid correction attempts.
MACD Indicator:
It shows a decline in negative momentum with a bullish crossover between the MACD and the signal line, which may support a temporary rebound. However, strong bullish candles have not yet been recorded to support this trend.
- Stochastic Oscillator:
The indicator is rising and approaching the 55 level, reflecting a temporary upward technical rebound, but it remains below the overbought level, allowing room for a short-term upward movement.
Today’s Gold Trading Forecast
- Possible Upward Scenario:
If the price holds above 3037.11 and successfully breaks through 3047.23, the upside could extend to 3056.10.
- Bearish Scenario (Currently the Most Realistic):
If the support at 3012.64 is broken, gold could target 2998.29 and then 2990.47, respectively, especially if US data supports a monetary tightening.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2921.62 | 2901.02 |
| Target Point 1 (TP1) | First resistance: 2930.99 | First support: 2892.28 |
| Target Point 2 (TP2) | Second resistance: 2937.10 | Second support: 2884.55 |
| Stop Loss (SL) | 2901.02 | 2921.62 |
Gold is currently in a technically bearish neutral position, requiring a break of resistance at 3037.11 or support at 3012.64 to confirm the next trend. Investors and traders await important US economic data, making markets more volatile in the coming hours. Caution is advised and avoid rushing into positions without clear signals.
