Gold Technical Analysis XAUUSD: is trading today in a bearish trend, as it recorded its highest price so far at 2641 and the lowest price at 2604, while it is currently trading at 2619. Technical analysis indicates that the market is facing downward pressures as prices are trading below the main moving averages, which enhances the possibility of the downward trend continuing in the short term.
Gold Technical Analysis XAUUSD: Trading Price Analysis
By monitoring the price movement, we notice that gold is trading below the main moving averages, which indicates that the general trend is bearish, as these averages are strong resistance areas that may limit the possibility of any rise in the short term. Trading prices below these averages shows that sellers are currently controlling the market, which enhances the continuation of the downward trend.
Technical Analysis
Moving Averages:
Prices trading below the moving averages support the negative outlook in the short term. As long as gold remains below these averages, the general trend remains bearish, with selling pressure that may continue to push prices towards lower levels. Nearby support levels could be at 2604 and below.
MACD Indicator Analysis:
MACD indicator is indicating a negative trend, reflecting the bearish momentum in the market. The MACD line crossing below the signal line strengthens the current downtrend, indicating that there is selling pressure dominating the market. The weakness of the bullish momentum is also clearly shown in the negative signals from the indicator.
Trading Expectations:
Based on the current technical analysis, gold is expected to remain in a bearish trend in the short term. The yellow metal may face some volatility around the 2619 level, but it is likely to continue to decline if trading continues below the moving averages. In case gold breaks the support level at 2604, it may head towards lower levels such as 2580 or 2550.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2634 | 2611 |
| Target Point 1 (TP1) | First resistance: 2644 | First support: 2696 |
| Target Point 2 (TP2) | Second resistance: 2649 | Second support: 2690 |
| Stop Loss (SL) | 2611 | 2634 |
Technical analysis indicates that gold is trading in a downtrend supported by moving averages and the MACD indicator, which reinforces the possibility of this trend continuing in the short term. As long as prices are below the moving averages, selling pressure will remain, with a possibility of a pullback towards lower support levels.
