Gold Technical Analysis XAUUSD : Gold Decline

Gold Technical Analysis XAUUSD: Gold is trading in a downtrend today, recording a high of $2,659 per ounce so far, and a low of $2,637 per ounce. Currently, gold is trading at $2,645 per ounce. This movement indicates that there is ongoing selling pressure on the precious metal.

Gold Technical Analysis XAUUSD Analysis of technical indicators:

By analyzing the price action, we find that trading is taking place below the moving averages, which reinforces the downtrend. In addition, the MACD indicator shows the beginning of a strengthening in the negative direction, after a period of weakness. This could be an indication of increasing negative momentum in the near future.

Possible Expectations:

During the day, selling pressure is expected to continue, which could lead to further price declines. If the decline continues, we could see new levels reaching $2,630. On the other hand, if a rebound occurs, the resistance level at $2,650 will be an important point to watch.

Gold Technical Analysis XAUUSD

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2649 2641
Target Point 1 (TP1) First resistance: 2652 First support: 2636
Target Point 2 (TP2) Second resistance: 2660 Second support: 2631
Stop Loss (SL) 2641 2649

 

Based on the current technical analysis, traders are advised to stay alert and focus on technical indicators to identify suitable trading opportunities. The overall trend is still bearish, which requires taking thoughtful trading strategies while taking into account the risks.

Related Articles