Gold Technical Analysis XAUUSD: Gold is trading today in an uptrend within a sideways range, with a high of $2654 and a low of $2641. Currently, gold is trading at $2648, indicating a narrow range movement with some upward momentum, but without a clear breakout of the upper levels.
Gold Technical Analysis XAUUSD: Technical Analysis
- Moving Averages:
Gold is trading above the major moving average indicators, supporting the overall uptrend. This signal indicates that the long-term trend of gold remains bullish, but given the trading within a sideways range, gold needs to break the resistance levels strongly to reaffirm the upward momentum.
- MACD Indicator:
The MACD indicator is indicating a positive trend, as a bullish crossover between the MACD line and the signal line appears. However, it also indicates some weakness in the bullish momentum, as the gap between the two lines is still narrow, which could mean that the bullish momentum is not strong enough to sustain the significant price rise.
Economic News:
- The US dollar was negatively affected after the US unemployment claims data came out, which came in contrary to expectations, as it showed an increase in the number of claims. This negative impact on the dollar could boost demand for gold as a safe haven, which contributes to supporting the bullish trend in gold.
Future Outlook:
Gold is showing positive signs with prices trading above the moving averages and the MACD indicator being positive. However, trading within a sideways range could limit the price movement until the $2654 levels are decisively breached. If the economic data continues to negatively impact the dollar, it could boost the bullish momentum in gold.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2654 | 2639 |
| Target Point 1 (TP1) | First resistance: 2662 | First support: 2633 |
| Target Point 2 (TP2) | Second resistance: 2669 | Second support: 2600 |
| Stop Loss (SL) | 2639 | 2654 |
Gold is currently in an uptrend within a range, showing positive signals from the moving averages and MACD, but with some weakness in momentum. The negative impact of the US dollar on the unemployment claims data could support gold. In case of a break of the $2654 level, gold could resume the uptrend stronger.
