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.
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.