Gold Technical Analysis XAUUSD: Today, the price of gold is trading in an uptrend, as it recorded its highest price so far at $2605, and the lowest price at $2564. Currently, gold is trading around the $2604 level. Technical analysis shows that prices are trading above the moving average indicators, which reinforces the bullish trend in the market.
Gold Technical Analysis XAUUSD Technical Analysis:
Moving Average Analysis:
Technical analysis confirms that gold is currently trading above the major moving averages, which indicates the strength of the bullish trend in the short and medium term. This situation indicates the presence of continuous buying pressure, with the possibility of continuing the rise as long as prices remain above these important technical levels.
MACD Indicator:
The MACD indicator indicates a positive trend, as the MACD line is trading above the signal line, reflecting the strong bullish momentum in the market. It also appears that the difference between the MACD line and the signal line is slightly expanding, which reinforces the strength of the bullish trend. This suggests that the buying momentum is still strong, with the possibility of further price increases in the coming sessions.
Trading Outlook:
Gold is expected to continue its upward trend during the day, as long as prices remain above strong technical support levels. If trading continues above $2,564, gold could see further gains towards the next resistance levels at $2,605, and the upside could extend to higher levels such as $2,620. In case of a downside correction, the support at $2,564 is an important pivot point.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2611 | 2590 |
| Target Point 1 (TP1) | First resistance: 2624 | First support: 2579 |
| Target Point 2 (TP2) | Second resistance: 2630 | Second support: 2574 |
| Stop Loss (SL) | 2590 | 2611 |
Technical analysis indicates that the overall trend for gold is bullish, supported by prices trading above the moving averages and the MACD indicator reflecting positive momentum. Gold is expected to continue rising as long as prices remain above the support at $2,564, with the possibility of reaching higher levels if the upward momentum continues.
