Gold Technical Analysis XAUUSD: Gold is trading in an uptrend today, as the precious metal recorded a high of $2682 so far, while recording a low of $2665. Currently, gold is trading at $2676. These price movements reflect a strong desire to rise, as the price is trading above key support levels and shows continuous buying pressure.
Gold Technical Analysis XAUUSD: Technical Analysis
- Moving Averages:
The chart shows that gold prices are trading above the moving average indicators in the short and medium term, reflecting a continuous upward trend. When the price is trading above the moving averages, this indicates that buyers are in control of the market, which enhances the chances of the upward trend continuing in the near term.
- MACD Indicator:
The MACD indicator also reflects positive signals, as it shows a bullish crossover between the MACD line and the signal line in a positive area. This indicates that the upward momentum may continue, which contributes to strengthening the upward trend in gold.
Trading Outlook:
Given the positive technical analysis, gold is expected to continue its bullish trend in the short term. If the price continues to trade above the current support levels at $2665, we may witness further upside towards higher resistance levels. It is important to monitor any break of $2682.
as this may lead to an extension of the bullish trend towards new levels.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2682 | 2665 |
| Target Point 1 (TP1) | First resistance: 2689 | First support: 2659 |
| Target Point 2 (TP2) | Second resistance: 2696 | Second support: 2654 |
| Stop Loss (SL) | 2665 | 2682 |
Given the bullish momentum supported by the price trading above the moving averages and positive signals from the MACD indicator, gold appears to be on a strong uptrend in the short term. Traders are advised to closely monitor prices to identify entry opportunities at price corrections near support levels, taking advantage of the expected uptrend in the near term.
