Gold Technical Analysis XAUUSD: Bullish Trend

Gold Technical Analysis XAUUSD: At the beginning of this week, gold is trading in a weak bullish trend, with a high of 2805.95 and a low of 2771.91. Currently, gold is trading at 2787.33. Technical analysis shows that prices are trading below the moving averages, which weakens the strength of the bullish momentum and indicates that the current bullish trend may struggle to continue strongly.

Gold Technical Analysis XAUUSD: General Trend Analysis

Gold is currently witnessing a weak bullish movement, as it is still trading below the short- and long-term moving averages, reflecting that the buying momentum is not strong enough to sustainably push prices higher. Although the general trend remains bullish, the strength of the upside appears limited.

Technical Analysis

Moving Averages: Prices are trading below the moving averages, indicating that there is resistance on the way to further gains. If gold continues to trade below these levels, it may struggle to continue its strong rise.

MACD Analysis: The MACD indicator indicates a weak positive trend, as it shows a positive crossover but it is not strong enough to support a significant rise. The indicator reflects positive momentum, but this signal remains weak and needs additional confirmations from the market to continue the rise.

Gold Forecast Today:

Gold is expected to remain in a weak uptrend, with potential resistance at the 2800 and 2805 levels. If it manages to break these levels, the rise may extend towards 2820. On the other hand, if gold fails to maintain the uptrend, it may decline towards the support level at 2770.

Gold Technical Analysis XAUUSD

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2791.94 2779.59
Target Point 1 (TP1) First resistance: 2797.94 First support: 2774.25
Target Point 2 (TP2) Second resistance: 2804.22 Second support: 2769.45
Stop Loss (SL) 2779.59 2791.94

 

Based on technical analysis using moving averages and MACD, gold appears to be in a weak uptrend in the short term. If the selling pressure continues or if there is no strong support for the bullish momentum, the market may witness a corrective downward movement. Resistance and support levels should be carefully monitored to identify future trading opportunities.

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