Gold Technical Analysis XAUUSD: Gold is trading in a weak upside trend today, recording its highest trading level so far at $2716.41 and its lowest at $2702.30. Currently, gold is trading at $2705.59, indicating a limited move in the upside direction, with weak overall market momentum.
Gold Technical Analysis XAUUSD: Technical Analysis
Although gold is showing an upward movement during today’s trading, it is trading below the moving averages (MA), reflecting the dominance of the downside trend in general. This situation indicates that the upside may be weak and that prices may face strong resistance at levels higher than the current levels.
As for the MACD indicator, it indicates a weak positive trend, as it shows a positive crossover between the two lines, but the weakness and lack of momentum indicates that the upside trend may have difficulty continuing. It is important to note that these signals do not guarantee that the upward movement will continue strongly.
Outlook:
Gold is expected to remain in a tight range for now. If it continues to trade below the moving averages, there could be a possibility of a downside move towards the $2,700 support level, and the decline could accelerate if this level is broken. On the other hand, if gold manages to surpass the $2,716 level, we could see a limited continuation of the upward movement towards higher levels.

Trading strategies based on Buy/Sell levels
XAUUSD | In case of buying | in case of selling |
Entry point | 2711.93 | 2700.23 |
Target Point 1 (TP1) | First resistance: 2716.41 | First support: 2693.69 |
Target Point 2 (TP2) | Second resistance: 2720.00 | Second support: 2688.00 |
Stop Loss (SL) | 2700.23 | 2711.93 |
Despite the weak uptrend that gold is currently showing, the dominance of trading below the moving averages indicates greater chances of a return to the downtrend. Traders should watch the $2,700 level as a key support level, and be aware of any signs of strengthening the uptrend or a larger downside correction in case of a price decline.