Gold Technical Analysis XAUUSD: Gold is trading in a downtrend today, as the yellow metal recorded its highest price so far at 2645 and its lowest price at 2613, and is currently settling at 2628. This price range indicates bearish pressures on gold during the day.
Gold Technical Analysis XAUUSD: Technical Analysis
- Moving Averages: Prices are currently trading below the main moving averages, indicating clear support for the downtrend at the moment. This interaction with the moving averages reflects ongoing selling pressures and reinforces the idea of continuing the negative trend in the near term.
- MACD Indicator: The MACD indicator is showing negative signals, as it is trading in the negative zone, reflecting weak upward momentum and confirming the strong downtrend for gold. This indicates that gold movements may remain under bearish pressures in the current period.
Gold Outlook:
With prices trading below the moving averages and negative MACD indicators, the general trend for gold remains bearish. Gold is expected to continue to fluctuate within a bearish range, with the possibility of testing additional support levels around 2610 and 2600. If the bearish momentum continues, we may see further declines in gold.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2633 | 2624 |
| Target Point 1 (TP1) | First resistance: 2637 | First support: 2619 |
| Target Point 2 (TP2) | Second resistance: 2641 | Second support: 2612 |
| Stop Loss (SL) | 2624 | 2633 |
Based on the current technical analysis, gold is showing clear downward pressures with prices trading below the moving averages and negative signals from the MACD indicator. Gold is expected to remain under selling pressure in the near future, with the possibility of continuing the downward trend in the absence of any major changes in economic data.
