Gold Technical Analysis XAUUSD: Gold is trading today at the beginning of an upward trend after the decline in the downtrend, which highlights positive signs in the price movement. Gold recorded its highest price at $2741 per ounce, and the lowest price at $2717, and is currently trading at $2738 per ounce. These movements indicate an increasing upward momentum.
Gold Technical Analysis XAUUSD: Technical Analysis
Technical analysis shows that gold is trading above the moving average indicators, which reflects the strength of the upward trend. Also, the MACD indicator indicates the end of the negative trend and the beginning of a shift towards the positive trend. These indicators enhance the chances of continued price increases in the near future.
Economic Data and Its Impact
Markets are awaiting the release of important US economic data, including the Manufacturing PMI. This data can significantly affect the movement of gold, as it reflects the health of the economy and may affect investor demand. Positive data may push the dollar higher, which may pressure gold prices, while negative data may support the upward trend in gold.
Outlook
As the bullish momentum continues to show, if gold manages to break the resistance level at $2741, we could see an additional rise towards the $2750 and $2775 levels. On the other hand, if there is a pullback and the support level at $2717 is broken, the price could head towards the $2700 and $2685 levels.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2745 | 2728 |
| Target Point 1 (TP1) | First resistance: 2755 | First support: 2720 |
| Target Point 2 (TP2) | Second resistance: 2764 | Second support: 2715 |
| Stop Loss (SL) | 2728 | 2745 |
While gold remains in the early stages of an uptrend, technical indicators suggest strong chances of a continuation in this trend. Traders should follow economic data closely, as it can directly influence market movement. Analyzing support and resistance levels carefully will be crucial to determining the best entry and exit points.
