Gold Technical Analysis XAUUSD: Gold price continues its trading today in a weak downtrend, as it recorded its lowest level in the current session at 2642 and its highest level at 2693, while it is currently trading at the level of 2687. Although the general trend of gold is still down, there are signs of weakness in the negative momentum, indicating the possibility of a limited upward correction in the near term.
Gold Technical Analysis XAUUSD: General Market Analysis
The general trend of gold is still down so far, as the market indicates a gradual decline in prices after previous increases. However, some technical indicators show positive momentum that weakens the strength of the downtrend, which may lead to an upward corrective movement in the short term before the downtrend resumes its strength.
Technical Analysis:
- Moving Averages: Gold price is currently trading above the major moving averages, which indicates that the upward momentum may remain in place in the short term. Trading above the moving averages indicates that there is support for the uptrend, which weakens the strength of the downtrend at the moment.
- MACD Indicator: The MACD indicator shows a decline in negative momentum, as the two lines are heading towards each other, indicating that the downtrend is gradually losing strength. Although the indicator is still in the negative territory, this decline in the strength of the negative trend increases the possibility of an upward correction movement in the short term.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2695 | 2678 |
| Target Point 1 (TP1) | First resistance: 2704 | First support: 2671 |
| Target Point 2 (TP2) | Second resistance: 2709 | Second support: 2667 |
| Stop Loss (SL) | 2678 | 2695 |
The overall trend for gold remains bearish, but with signs of weakening negative momentum, which enhances the chances of a bullish corrective move in the short term. If prices continue to trade above the moving averages and the 2670 level.
we may see further rise towards resistance levels. However, if gold declines further below these levels, it may return to target lower support areas.
