Gold Technical Analysis XAUUSD: Gold (XAU/USD) is witnessing significant bearish movements during today’s trading session, as the price fell from a high of $2748 per ounce to a low of $2658 per ounce, and is currently trading near $2664 per ounce.
Gold Technical Analysis XAUUSD: Technical Analysis
It appears that the price is trading below the major moving averages, which reinforces the downward trend and confirms the weakness of the upward momentum. Trading gold below these averages indicates that the market favors the downward trend, as attempts to rebound prices are still limited by selling pressure.
The MACD indicator shows the continuation of the negative trend with a strong downward momentum, as the bearish crossover of the indicator reflects the sellers’ control of the market at the present time. The indicator shows an increase in selling pressure, which reinforces expectations of further declines in prices in the short term.
Today’s Outlook:
Continued trading below the moving averages indicates that gold may continue to decline in the coming hours. If the decline continues, gold may test the strong support levels at $2,650 per ounce, and if this level is broken, the price may target further declines towards $2,620 per ounce.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2678 | 2652 |
| Target Point 1 (TP1) | First resistance: 2688 | First support: 2639 |
| Target Point 2 (TP2) | Second resistance: 2695 | Second support: 2630 |
| Stop Loss (SL) | 2652 | 2678 |
Technical analysis indicates that the downtrend is currently dominating gold, supported by trading below the moving averages as well as the negative momentum shown by the MACD indicator. Given these factors, selling pressure on gold is expected to continue in the coming hours, with important support levels such as $2,650 in sight. It is advisable to closely monitor the market movement to identify any reversals that may occur with improved momentum or economic news affecting the market.
