Gold Technical Analysis XAUUSD: The gold market is trading in a bearish direction today, as it recorded a high of 2619 and a low of 2598, and the price is currently stable at 2613. This narrow range reflects a volatile movement for gold, but the general trend is still bearish at the moment.
Gold Technical Analysis XAUUSD: Technical Analysis
Technically, gold is trading below most of the moving averages, whether in the short or medium term, indicating the presence of continuous selling pressure in the market. This situation reinforces the negative expectations in the near term, as trading below the moving averages reflects the preference of sellers to buy at the present time.
The MACD indicator is showing a negative signal, as the indicator shows a bearish trend with some weakness in the strength of this trend. This weakness in the negative momentum may be an indication of the possibility of an upward correction in the near term, as any positive change in momentum may lead to an improvement in price movement.
Outlook:
Given these technical data, the odds look positive for some upward corrections in the short term, especially if market sentiment improves or if new economic factors emerge that support gold. Conversely, if selling pressure continues with prices trading below the moving averages, we may see a continuation of the downtrend.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2626 | 2601 |
| Target Point 1 (TP1) | First resistance: 2634 | First support: 2589 |
| Target Point 2 (TP2) | Second resistance: 2637 | Second support: 2582 |
| Stop Loss (SL) | 2601 | 2626 |
Although gold is trading below most moving averages and the MACD is showing a bearish trend, the weakness of the current negative trend suggests that an upward correction is possible if market data changes. For now, the market remains in a state of anticipation of economic developments.
as any surprises in economic data could change the trading course suddenly.
