Technical Analysis for Gold: Gold is trading in a short-term downtrend, having recently rebounded from the strong support area at 3028, with attempts at a corrective climb towards nearby resistance
levels.
Technical Indicator Analysis
Moving Averages
Prices remain below the major moving averages, indicating a continuation of the downtrend, despite positive signs as the price attempts to stabilize above the short-term averages.
MACD
The indicator is showing a positive crossover with increasing positive bars, reflecting improved bullish momentum.
Stochastic
Is moving in the overbought zone above the 90 level, indicating a potential slowdown or downward correction in the near term.
Technical Analysis for Gold: Possible Scenarios
Bullish Scenario
If it holds above 3037, we may see a target of 3056.
Confirmation of the upside will be with a break of 3045.
Bearish Scenario
If it fails to surpass 3045 and returns to break 3034, the price may retest 3028, and possibly 3016.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | XAU/USD |
| 3056.73 | 3037.34 | Entry point |
| First resistance: 3065.61 | First support: 3028.45 | Target Point 1 (TP1) |
| Second resistance 3070.61 | Second support 3023.45 | Target Point 2 (TP2) |
| 3037.34 | 3056.73 | Stop Loss (SL) |
Gold is trading in a clear downtrend in the short term, and with the beginning of an upward attempt, the 3045 and 3056 is crucial to confirm the upward shift.
Below 3034, the downward trend is likely to continue.
Technical Strategy: Wait for confirmation of the breakout or breakout to trigger entry orders.
