Gold Technical Analysis XAUUSD: The gold market is witnessing an upward movement during today’s trading, as the yellow metal recorded a high of $2638 and a low of $2610, to currently trade at $2630. This range reflects a strong upward momentum with prices stabilizing at relatively high levels compared to the beginning of the session.
Gold Technical Analysis XAUUSD: Technical Analysis
By analyzing the technical indicators, we notice that gold prices are trading above the main moving averages, which reflects the strength of the upward trend. Trading gold above these averages indicates strong support for the upward price movement in the short and medium term.
which enhances the possibility of the upward momentum continuing.
In addition, the MACD indicator is showing strong positive signals, as it is trading above the zero line with the continuation of the upward momentum. This indicates that the price movement may continue in an upward direction, supported by the underlying strength in the market.
Possible Future of Gold:
If prices continue to trade above the moving averages, gold is expected to continue to rise towards the next resistance levels. Gold may face some resistance at $2640.
and if it manages to break through this level, it may head towards $2650 and then $2670 as potential targets in the near term.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2637 | 2615 |
| Target Point 1 (TP1) | First resistance: 2647 | First support: 2607 |
| Target Point 2 (TP2) | Second resistance: 2658 | Second support: 2601 |
| Stop Loss (SL) | 2615 | 2637 |
Current technical analysis suggests that the bullish trend for gold will continue, supported by the price trading above the moving averages and positive momentum shown by the MACD indicator. If the market continues in this direction, gold is likely to see further gains towards higher levels. However, it is important to monitor key support levels such as $2,610 and $2,600.
as these points may be pivotal for the continuation of the bullish movement.
