Gold Technical Analysis XAUUSD: Gold is trading today in a weak upward trend, as it declined from its highest price today at 2719 to reach its lowest price at 2657, and is currently trading at the level of 2674. Although gold is showing a weak upward movement at the moment, trading below the moving average indicators supports the bearish scenarios, which makes the market in a state of cautious volatility.
Gold Technical Analysis XAUUSD: Technical Analysis
- Moving Averages:
Gold is trading below the main moving average indicators, indicating weak upward momentum, and supports the hypothesis of the continuation of the downward trend or at least more volatility in the price movement. Continuing trading below these averages may open the way for selling pressures in the near term.
- MACD Indicator:
MACD Indicator indicates a weak positive trend, reflecting the presence of some upward momentum, but this momentum does not seem strong enough to confirm the continuation of the upward trend strongly. As the intersection of the two lines in the positive zone shows weakness in purchasing power.
Today’s Outlook
Based on current data, gold is expected to remain in a tight range with continued volatility, with the possibility of further decline towards the nearby support levels at 2650 or even 2640 if selling pressures continue. If gold manages to break the nearby resistance levels at 2700 and rise above it, it may open the way for further gains towards 2720.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2689 | 2666 |
| Target Point 1 (TP1) | First resistance: 2698 | First support: 2655 |
| Target Point 2 (TP2) | Second resistance: 2706 | Second support: 2647 |
| Stop Loss (SL) | 2666 | 2689 |
While gold is in a weak uptrend, trading below the moving averages suggests weak upward momentum, reinforcing the bearish scenario in the near term. Although the MACD is showing some positivity, weak momentum could hinder a strong uptrend. Traders should watch support and resistance levels to identify entry and exit opportunities in this current volatility.
