Gold Technical Analysis XAUUSD: Gold is trading in an upward trend today, as it recorded its highest price so far at 2658 and its lowest price at 2625, while it is currently trading at 2657.
Gold Technical Analysis XAUUSD: Price Action Analysis
The Precious metal is showing positive performance, as it is trading above the moving averages, which reinforces expectations of a continued upward trend. This signal reflects the strength of the upward momentum in the short term, with prices moving in a generally bullish range.
Gold Technical Analysis XAUUSD: MACD Indicator:
MACD Indicator reflects a positive change in gold movement, as it shows a decline in the previous negative trend with the two main lines (MACD and Signal) approaching a positive intersection, indicating the beginning of a shift in the trend to bullish. This signal supports the continuation of the positive trend in the near future.
Economic Data Impact:
This rise comes after the release of US economic data that weakened the dollar, which made gold enjoy strong support. The weakness in the US currency enhances the appeal of gold as a safe haven, stimulating demand for it, which has pushed its prices higher.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2663 | 2639 |
| Target Point 1 (TP1) | First resistance: 2674 | First support: 2631 |
| Target Point 2 (TP2) | Second resistance: 2682 | Second support: 2626 |
| Stop Loss (SL) | 2639 | 2663 |
Continued trading above the moving averages with positive signals from the MACD indicator suggests that the bullish trend in gold may continue in the short term. With more US economic data awaited, gold may see additional support, especially if the negative pressure on the US dollar continues.
