Gold Technical Analysis XAUUSD: Gold is trading in an uptrend during today’s session, as the market continues to benefit from the positive momentum supported by a number of technical factors. Through price analysis and technical indicators, we provide you with an overview of the current movement of gold and short-term trading expectations.
Gold Technical Analysis XAUUSD: Price Analysis
Gold recorded the highest trading price for the day at 2910.44 and the lowest price at 2855.11, while it is currently trading at 2897.56. This indicates that gold is moving within a steady upward trend, with a new high achieved today, reflecting the continuation of the buying momentum. The pair is showing a significant rise and is currently facing potential resistance at the 2910 level.
Technical Analysis
Moving Averages: Prices are trading above the moving average indicators, which reinforces the continuation of the uptrend. Trading prices above these averages indicates that the market is in a state of buying strength, as the moving averages represent important support that reinforces the short-term upward trend.
MACD Analysis: The MACD indicator is indicating a positive trend, as it is above the zero line, reflecting strong bullish momentum. This reinforces the idea that the current trend may continue, as demand for gold continues to flow.
Trading Outlook:
Gold is expected to remain in an uptrend as long as prices remain above the moving averages. If the bullish momentum continues, gold may test resistance levels at 2906.46 and then head towards higher levels. In case of a downside correction, the 2880.93 level may provide strong support. It is important to follow these levels to determine appropriate entry and exit points.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2906.46 | 2880.93 |
| Target Point 1 (TP1) | First resistance: 2920.59 | First support: 2869.87 |
| Target Point 2 (TP2) | Second resistance: 2925.14 | Second support: 2864.12 |
| Stop Loss (SL) | 2880.93 | 2906.46 |
Based on the current technical analysis, gold remains in an uptrend, with positive signals from the MACD indicator and prices trading above the moving averages. The buying momentum is expected to continue in the short term, with focus on the identified resistance and support levels to monitor any potential trend changes.
