Gold Technical Analysis XAUUSD closed last week on the rise at a price of $2885.35 per ounce, trading appears in a downtrend, as the price of gold is trading below the intersections of the Moving Average indicators, as for the MACD indicator, it indicates the emergence of a negative trend
Accordingly, we can look to sell from the decline to a price of $2875.53 per ounce, and target the area of $2860.66 per ounce to reap profits, with the area of $2899.00 per ounce as a stop loss.
Gold Technical Analysis XAUUSD: On the other hand
On the other hand, if the buy zone of $2899.00 per ounce is broken, the price may head to the $2909.17 per ounce area.
Gold Technical Analysis XAUUSD: Resistance and Support Levels
- Second Resistance: 2895.44
- First Resistance: 2890.12
- Pivot Level: 2885.60
- First Support: 2880.56
- Second Support: 2875.94
