Gold Technical Analysis XAUUSD: Gold continues its uptrend during today’s trading, recording its highest price so far at 2788.19 and its lowest price at 2758.81, while it is currently trading at 2786.09.
Gold Technical Analysis XAUUSD: Technical Analysis
Gold shows strong trading above the moving averages indicators on various time periods, indicating that the uptrend is the prevailing trend at the moment. When prices trade above the moving averages, this enhances the possibility of the uptrend continuing in the short term.
In addition, the MACD indicator shows positive signals, as it is trading in the positive zone with the MACD lines crossing in the upward direction. This signal confirms the presence of strong bullish momentum, which enhances the possibility of continuing the rises in the near future.
Trading Expectations:
Based on the technical analysis, gold is expected to continue its uptrend, with the possibility of testing the nearby resistance levels at 2790.00. If gold manages to break this resistance, it may target higher levels at 2800.00 or even 2820.00. However, in case of a downside correction, gold may receive strong support near 2750.00.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2777.73 | 2766.78 |
| Target Point 1 (TP1) | First resistance: 2793.66 | First support: 2758.81 |
| Target Point 2 (TP2) | Second resistance: 2798.20 | Second support: 2753.45 |
| Stop Loss (SL) | 2766.78 | 2777.73 |
Gold is showing a strong uptrend, supported by prices trading above moving averages and positive signals from the MACD indicator. The uptrend is expected to continue in the short term, with resistance and support levels being monitored to identify suitable trading opportunities.
