Gold Technical Analysis XAUUSD: Gold price continues its downward trend today, reflecting the prevailing selling pressures in the market. In this analysis, we will discuss the details of current trading prices, in addition to analyzing the chart and using technical indicators to provide accurate forecasts.
Gold Technical Analysis XAUUSD: Trading Prices and Chart Analysis
Gold is currently trading at $2615 per ounce, after recording its highest price today at $2624, then witnessed a decline to the lowest level of $2608 per ounce. These movements indicate the continuation of selling pressures, as the chart shows a clear bearish pattern.
Technical Indicators
When looking at the moving average indicators, we find that prices are trading below these levels, which enhances the strength of the downward trend. On the other hand, the MACD indicator shows some decline in the negative direction, as crossovers have begun to appear indicating a possible weakness in the downward force.
Today’s Outlook
Based on the current technical analysis, we expect gold to remain under downward pressure, with the possibility of testing the support levels at $2608. If the selling pressure continues, we may see further declines.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2323 | 2612 |
| Target Point 1 (TP1) | First resistance: 2326 | First support: 2606 |
| Target Point 2 (TP2) | Second resistance: 2340 | Second support: 2600 |
| Stop Loss (SL) | 2612 | 2323 |
Based on the above, it is recommended to monitor price action around critical levels. The identified downtrend provides trading opportunities, but we should be wary of any signs of weakening selling power.
