Gold Technical Analysis XAUUSD: Gold (XAU/USD) is trading in an upward trend today, as the precious metal recorded its highest price at 2665 and its lowest price at 2633. Currently, gold is trading at 2657, indicating relative stability in prices near the midpoint between the high and low levels of the day.
Gold Technical Analysis XAUUSD: Technical Analysis
Moving Averages:
The current price action indicates the continuation of the upward trend, as prices are trading above the moving average indicators on different time periods, which enhances the positive momentum in the short and medium term. This positive interaction with the moving averages supports expectations of continued upward movements in the coming period.
MACD Indicator:
The MACD indicator indicates a positive trend, as the main line of the indicator remains above the signal line, reflecting the continuation of the upward momentum in the market. This enhances the positive outlook for gold, despite some slight fluctuations in prices. MACD remains supportive of this trend, opening the way for further gains if positive moves continue.
Today’s outlook:
If trading continues above the moving averages, gold is expected to continue its upward trend.
with the possibility of testing new resistance levels at 2670 or even 2680. In case of a downside correction, the nearby support levels are located at 2635, and if this support is broken, we may witness further decline towards 2620.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2662 | 2649 |
| Target Point 1 (TP1) | First resistance: 2671 | First support: 2643 |
| Target Point 2 (TP2) | Second resistance: 2678 | Second support: 2639 |
| Stop Loss (SL) | 2649 | 2662 |
Based on the current technical analysis, the bullish trend for gold prices remains intact in the short term, supported by the price trading above the moving averages and the positive signal of the MACD indicator. It is important to monitor the key support and resistance levels to determine the expected trading path for the rest of the day.
