Gold continues to trade in a clear upward trend, as it is currently trading at $2615 per ounce. This rise comes in light of the technical support from the moving averages, which enhances expectations of further gains. The MACD indicator indicates the continuation of the upward trend, which supports the scenario of rising prices in the coming period.
Technical Analysis of Gold Prices: Technical Outlook
On the hourly time frame, gold shows strength in the upward trend, as it trades above the moving average levels such as the 50 and 100 hourly averages. These averages represent important support, indicating that buyers control the market and enhance positive momentum.
The MACD indicator also shows a strong signal of the continuation of the upward trend, as the ascending line is clearly higher than the descending line. This signal reflects the strength of purchasing pressures and helps enhance expectations of new increases.
Indicators Expectations
- MACD indicator: Indicates the continuation of the upward momentum, which enhances the possibility of gold continuing its increases.
- Relative Strength Index (RSI): Trading near the 65 level, indicating that there is additional room to rise before reaching the overbought condition.
Moving Average Indicators: Supporting the upside trend, as gold is trading above these levels, which increases the possibility of continuing the positive momentum.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2620 | 2610 |
| Target Point 1 (TP1) | First resistance: 2630 | First support: 2599 |
| Target Point 2 (TP2) | Second resistance: 2640 | Second support: 2489 |
| Stop Loss (SL) | 2610 | 2620 |
Based on the current technical analysis, gold appears to have strong bullish momentum, as it is trading above the moving averages and the MACD indicator indicates the continuation of the uptrend. If this momentum continues, we may see new highs reaching $2630 per ounce. However, the support level at $2,600 should be watched, which could act as a bounce point in case of any corrections.
