Gold Technical Analysis XAUUSD: Gold is trading in a weak uptrend, but has seen a significant decline after the release of important US economic data.
Gold Technical Analysis XAUUSD Price Analysis:
- Gold price before the decline: $2662 per ounce.
- Current Low: $2631 per ounce.
- Current Price: $2638 per ounce.
Strengths and Weaknesses:
- Strengths:
o Despite the weak uptrend, there is still potential for a rebound if economic conditions change.
- Weaknesses:
o The sharp decline after the release of positive economic data reflects pressure on gold and indicates a strong downtrend.
Technical Analysis:
- Moving Averages: Trading has turned below the moving average levels, indicating a potential reversal of the trend.
- MACD: Shows weakness in the upward momentum, which reinforces the negative outlook for gold in the short term.
Forward Outlook:
- Pressure on gold is expected to continue under current conditions. Any signals indicating a change in trend should be monitored, especially with upcoming economic data developments.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2647 | 2631 |
| Target Point 1 (TP1) | First resistance: 2653 | First support: 2623 |
| Target Point 2 (TP2) | Second resistance: 2658 | Second support: 2615 |
| Stop Loss (SL) | 2631 | 2647 |
Under the current circumstances, traders should remain vigilant and rely on technical indicators to guide their strategies. Economic data will be crucial in determining the next direction for gold.
