Technical Analysis of Gold XAUUSD In today’s trading, the price of gold reached its highest level at $2529 per ounce, while recording its lowest level so far at $2499. Currently, gold is trading at $2499, indicating a clear downtrend.
Gold Technical Analysis XAUUSD Market Movements:
On the rise: If gold can surpass the upper level of $2529, this may indicate the possibility of an upward correction or a reversal in the current downtrend. In this case, any breaches of key resistance levels should be followed for confirmed signals of a potential rise.
On the fall: As gold continues to trade below the moving averages, and technical indicators confirm the downtrend, the decline may continue towards lower support levels. The negative pressure is expected to continue, which may reinforce the selling trend if prices continue to decline below the current level.
Gold Technical Analysis XAUUSD Using Technical Indicators:
MACD Indicator:
Current Situation: The MACD indicator is showing negative signals, as the fast line crosses below the slow line.
Signals: This downtrend supports the current strength of sellers, which increases the possibility of a continuation of the decline. Monitoring the divergence of the lines and the rise of negative momentum can help determine the continuation of this trend.
Moving Averages:
Current Situation: Gold is trading below the moving averages, which reinforces the downtrend. This indicates that the current trend is not favorable for buying and reflects a weakness in the upward momentum.
Recommendations:
Buying Strategy: It is advisable to avoid entering long trades until strong signals of a trend reversal or a breakout of the resistance level at $2529 appear.
Selling Strategy: It is preferable to continue following the downtrend and confirm it via technical indicators, while considering selling or maintaining current positions if the negative pressure continues and technical indicators support this trend.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2510 | 2499 |
| Target Point 1 (TP1) | First resistance: 2514 | First support: 2493 |
| Target Point 2 (TP2) | Second resistance: 2518 | Second support: 2482 |
| Stop Loss (SL) | 2499 | 2510 |
Current technical analysis suggests that gold is in a downtrend, supported by negative pressure from sellers and confirmations from the MACD indicator. Market movements should be closely monitored and strategies re-evaluated based on new signals to identify the best opportunities within the prevailing trend.
