Gold Technical Analysis XAUUSD: Gold is trading today at the beginning of an upward trend, as it recorded its highest price so far at $2649 and the lowest price at $2620, and is currently trading at $2645. Prices are trading above the moving averages, which supports the upward trend. The MACD indicator also indicates the end of the negative trend and the beginning of a positive trend, which enhances optimism about the continuation of the upward trend.
Gold Technical Analysis XAUUSD: Technical Analysis
- Moving Averages:
Gold is currently trading above the main moving averages, which is a positive indicator that supports the continuation of the upward trend. The price movement above these averages reflects the strength of the bullish momentum in the short term.
If trading continues above the moving average levels, gold may continue to achieve new gains towards higher resistance levels. These levels will likely include $2660 or more.
- MACD Indicator:
MACD Indicator indicates the end of the negative trend and the beginning of a turn in the direction towards positivity. The MACD line has turned positive, indicating that the momentum is starting to change from negative to positive.
This signal is important because MACD is one of the strong indicators that reflect trend changes. A turn to positive could signal the beginning of a sustainable bullish move if the momentum continues in this direction.
Trading Outlook:
- Based on the current technical analysis, gold is expected to continue its bullish trend as long as prices remain above the nearby support level at $2620. If trading continues above this level, we may see further gains towards $2660 or higher.
- In case of a pullback below the support level at $2620, we may see a slight correction towards the next support levels at $2600 or lower.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2650 | 2636 |
| Target Point 1 (TP1) | First resistance: 2657 | First support: 2631 |
| Target Point 2 (TP2) | Second resistance: 2666 | Second support: 2626 |
| Stop Loss (SL) | 2636 | 2650 |
Gold is showing the beginning of an uptrend supported by prices trading above moving averages and positive signals from the MACD indicator. If the positive momentum continues, gold is likely to continue to make gains in the short term. However, any moves below key support levels should be watched as they could indicate a temporary pullback.
