Gold Technical Analysis XAUUSD: Bearish Trend

Gold Technical Analysis XAUUSD: Gold is trading in a bearish trend during the current trading session, as it recorded its highest price so far at 2673 and its lowest price at 2664, to be currently traded at 2666. The yellow metal shows clear downward pressures, as it is trading below the moving averages, which reinforces expectations of a continued decline at the present time.

Gold Technical Analysis XAUUSD: Technical Analysis

Moving Averages: Prices are currently trading below the main moving averages, which reflects strong selling pressures and supports the downward trend. When gold trades below these levels, this indicates a weakness in the upward momentum and a continuation of the downward trend. If trading continues below the moving averages, gold may continue to test the lower support levels.

MACD Indicator Analysis: The MACD indicator indicates a negative trend, as it records a negative reading that reflects weak upward momentum and increased selling pressure. The indicator’s continuation in the negative zone reinforces expectations that gold may continue to decline in the coming period, with the possibility of testing the lower support levels.

Outlook:

Gold is expected to continue to decline if it remains below the moving averages, with the possibility of testing the next support levels near 2660 and 2650. If the selling pressure continues, gold may face further declines.

Gold Technical Analysis

 

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2676 2661
Target Point 1 (TP1) First resistance: 2681 First support: 2654
Target Point 2 (TP2) Second resistance: 2687 Second support: 2648
Stop Loss (SL) 2661 2676

 

Based on the current technical analysis, the downtrend remains dominant for gold. Especially with prices trading below the moving averages and negative signals from the MACD indicator. It is important to monitor key support levels to determine future trends for gold. With the possibility of continued declines if these levels are broken.

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