Gold Technical Analysis XAUUSD: Today, the price of gold is trading in a limited range within a weak downtrend. The precious metal recorded its lowest level so far at $2680 per ounce, then witnessed a rise to reach $2704, and is currently trading at $2698. Despite the relative weakness in the downside trend, the price action is still within a narrow range, reflecting the market volatility.
Gold Technical Analysis XAUUSD: Technical Analysis
- Moving Averages: The price of gold remains trading above the moving average indicators. This situation is considered positive and enhances the strength of the uptrend in the medium and long term, reducing the chances of strong downside corrections. The increase in prices above these averages indicates that the demand for gold may remain supported in the broader term.
- MACD Indicator: The MACD indicator is showing a weak negative signal, as it has started to move towards the negative territory. Despite this signal, the negative momentum is still relatively weak, indicating that the downtrend may be limited in its impact at the moment. This could be an indication of a period of volatility before the market regains its strength.
Forward Outlook:
In light of the current technical analysis, gold could continue to fluctuate within a narrow range, as price action indicates a weakening downtrend despite negative signals on the MACD. The uptrend is likely to remain dominant in the medium term.
as prices are trading above the moving averages, reducing the possibility of a sharp decline in the near term.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2706 | 2691 |
| Target Point 1 (TP1) | First resistance: 2716 | First support: 2683 |
| Target Point 2 (TP2) | Second resistance: 2721 | Second support: 2678 |
| Stop Loss (SL) | 2691 | 2706 |
Although the MACD indicator is showing some weakness in the upward momentum, trading above the moving averages supports the medium-term uptrend. Gold price remains in a range of slight volatility with the possibility of minor corrections, but the overall trend remains bullish.
