Gold Technical Analysis (XAUUSD): Gold closed the previous week on a bullish note, ending at $3,230.74 per ounce. The precious metal continues to show strong upward momentum, with current price action trading well above key Moving Average (MA) crossover levels—typically a sign that bullish sentiment remains intact. These technical signals suggest the market is maintaining its strength, supported by ongoing investor demand and macroeconomic factors.
One of the standout indicators supporting the current uptrend is the MACD (Moving Average Convergence Divergence), which is currently showing a positive signal. This further confirms that buying momentum is picking up, and there is room for continued upward movement in the near term.
Given this positive technical setup, a strategic buy position could be considered if gold rises to the $3,244.51 per ounce level. From there, the target for profit-taking could be set at around $3,263.37 per ounce, which represents a potential resistance zone and a logical area to secure gains.
To manage risk, a stop-loss should be placed at $3,201.40 per ounce. This level lies just below recent support and would help protect against downside movement if the trend reverses unexpectedly.
Overall, with strong technical indicators and momentum favoring the bulls, gold looks poised for further gains. However, as always, traders should monitor key levels closely and adjust their positions based on market developments.
especially in light of potential economic events or geopolitical shifts that could influence safe-haven demand.
Gold Technical Analysis (XAUUSD): On the Other Side
On the other hand, if the $3201.40/ounce sell zone is broken, the price may head to the $3185.23/ounce area.
Gold Technical Analysis (XAUUSD): Resistance and Support Levels
- Second Resistance: 3235.44
- First Resistance: 3233.58
- Pivot Level: 3231.00
- First Support: 3229.65
- Second Support: 3227.88
