Gold Technical Analysis XAUUSD: Gold is trading in a downtrend today, recording a high of 2628 and a low of 2604, and is currently trading at 2610. These movements indicate increasing selling pressure on the yellow metal, reflecting the dominance of the downtrend in the current trading sessions.
Gold Technical Analysis XAUUSD: Technical Analysis
Moving Averages:
Technically, gold is trading below the main moving averages, which reinforces expectations of a continuation of the downtrend in the short term. Trading below these averages indicates continued selling pressure and reduces the chances of an uptrend, reflecting the dominance of the downtrend at the present time.
MACD Indicator Analysis:
MACD Indicator indicates a negative trend, as the indicator shows a decline in upward momentum and an increase in the strength of selling pressure. This negative signal supports the bearish scenario and confirms the continued weakness of the buying momentum in the market.
Today’s trading outlook:
Gold is expected to continue trading in a downtrend today, as prices remain below the major moving averages amid a negative MACD signal. If selling pressure continues, gold may face support levels around 2600 or below.
which increases the chances of a continued decline.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2615 | 2604 |
| Target Point 1 (TP1) | First resistance: 2620 | First support: 2598 |
| Target Point 2 (TP2) | Second resistance: 2625 | Second support: 2593 |
| Stop Loss (SL) | 2604 | 2615 |
The technical outlook for gold prices indicates a continuation of the downtrend with prices trading below the major moving averages and a negative signal from the MACD indicator. Selling pressure is expected to continue if there is no significant change in the buying momentum.
