Gold Technical Report (XAU/USD): Gold prices have recently witnessed significant fluctuations in their performance, influenced by local and global economic developments. In this technical analysis, we will review the performance of major indices and analyze technical indicators, taking into account the economic news affecting the market.
Gold Technical Report (XAU/USD): Market Overview
Gold experienced a rapid collapse from a high of 3174 to below 3065 within hours.
- The price is now trading below the moving averages, reinforcing the downside trend.
- The next strong support is at 3048.47 – a pivotal level.
General Trend: Short-term bearish.
Nearby resistance: 3174 – 3170.
Immediate support: 3065 then 3048.
Gold Technical Report (XAU/USD): Technical Indicators Analysis
- Moving Averages (EMA):
- The price has strongly broken the 50, 100, and 200 EMAs.
- The EMAs indicate the beginning of a new downward wave unless a rapid rebound occurs.
- MACD:
- A clear negative crossover, with bars below the zero line.
- Selling momentum is currently at its peak, and a short-term technical rebound may precede it.
- Stochastic Oscillator:
- The indicator is in an oversold zone below 15.
- A technical rebound is possible, but it remains within a downward wave unless it is exceeded. 3070
Gold Technical Report (XAU/USD): Expected Scenarios
Bearish Scenario (Likely):
Continued selling pressure may push the price to test 3048.47
- A break of this level may open the way for a decline towards 3025 – 3010
Bullish Scenario (Limited):
- A potential technical rebound if it holds above 3065
- Any rise will face strong resistance at 3079 and 3090
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 3070.34 | 3056.19 |
| Target Point 1 (TP1) | First resistance: 3179.98 | First support: 3048.47 |
| Target Point 2 (TP2) | Second resistance: 3174.98 | Second support: 3043.47 |
| Stop Loss (SL) | 3056.19 | 3070.34 |
Given current technical analysis and economic news, investors are advised to exercise caution and monitor important technical levels, especially the support level at 31,500. Investing based on technical analysis requires constant monitoring and careful assessment of potential risks
