Gold Technical Analysis XAUUSD: Gold is trading in a downtrend today, despite some signs of weakness in this trend. The precious metal recorded its lowest price at $2603 per ounce, and its highest price at $2627, and is currently trading at $2618 per ounce.
Gold Technical Analysis XAUUSD Fundamental Analysis:
Gold was negatively affected by the issuance of positive US economic data, especially the Consumer Price Index, which led to strengthening the dollar. This data had a clear impact on the movement of gold prices, pushing them down.
Technical Analysis:
By analyzing the chart, we notice that prices have started trading above the moving average indicators, indicating a weakness in the downtrend and a possible shift towards the uptrend. However, the general trend of gold remains bearish. The MACD indicator also shows signs of the end of the negative trend, which enhances the chances of a positive rebound.
Today’s trading outlook:
Based on current data, gold is likely to continue its volatility, with the possibility of regaining some upward momentum, but economic developments should be closely monitored.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2626 | 2613 |
| Target Point 1 (TP1) | First resistance: 2630 | First support: 2607 |
| Target Point 2 (TP2) | Second resistance: 2635 | Second support: 2600 |
| Stop Loss (SL) | 2613 | 2626 |
The analysis indicates that the general trend of gold is still down, but there are signs of weakening in this trend, which opens the way for potential positive opportunities. It is advisable to monitor the market movement and upcoming economic data to assess the impact on prices.
