Gold Technical Analysis XAUUSD: Gold appears today in a weak uptrend, as it recorded the highest trading price for the day so far at 2637 and the lowest price at 2617, while it is currently trading at 2616. Despite the weak upward movement shown by gold, prices are trading below the moving averages levels.
which supports the chances of a decline in the near future. Despite this, the MACD indicator indicates a weak positive trend, which opens the way for some optimism.
Gold Technical Analysis XAUUSD:Technical Analysis:
Moving Averages
- Simple Moving Average (SMA): Gold appears to be trading below the major moving averages in the short term, indicating the presence of continuous downward pressure. This condition supports the chances of a decline in the near future, as prices are still unable to break the moving averages levels that represent dynamic resistance.
- Exponential Moving Average (EMA): Gold is also trading below the exponential moving averages, which reinforces the negative pressure signals, and indicates that the downtrend may be dominant in the short term, despite the presence of some weak upward momentum in the market.
MACD Indicator Analysis
- The MACD indicator is showing weak positive signals, as the main line is still above the signal line, reflecting a positive trend, but it is very weak. These signals indicate that there is some bullish momentum that could support an upward movement in the short term, but the strength is weak and will not be enough to extend the upward trend if the downward pressure continues.
- The narrow distance between the two lines indicates that the momentum in the positive direction is weak, which reinforces expectations of a weak upward movement, and the market may turn bearish if the resistance levels are not breached.
Trading Expectations
Based on the technical analysis of the moving averages and the MACD indicator, it seems that gold may face difficulty in completing the upward trend in the short term due to trading below the moving averages. If prices continue below these levels, the chances of a decline increase.
with the possibility of returning to stronger support levels.
If gold is unable to break the resistance at 2637, it may witness a decline towards the support levels at 2617 and below. However, if the MACD indicator continues to provide weak positive signals, we may see some attempts to return to the upward trend in the short term.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2625 | 2615 |
| Target Point 1 (TP1) | First resistance: 2630 | First support: 2608 |
| Target Point 2 (TP2) | Second resistance: 2635 | Second support: 2600 |
| Stop Loss (SL) | 2615 | 2625 |
Gold is showing a weak uptrend supported by weak positive signals from the MACD.
but trading below the major moving averages enhances the chances of a short-term downside. If prices hold below the resistance levels, a pullback towards the support levels can be expected. However, the opportunity remains for some weak upside moves if the MACD continues to provide positive signals.
