Gold prices have witnessed a remarkable rise again, as the ounce is currently trading at $2581. This rise came after the US interest rate cut decision by 25 basis points, which enhanced the attractiveness of gold as a safe haven for investors. Gold is currently trading above the moving averages intersections, reflecting the continuation of technical support. In addition, the MACD indicator indicates the continuation of purchasing power, which enhances expectations of further rise in the coming period.
Technical analysis of gold prices: Technical outlook
Technical data shows that gold is benefiting from positive movements, as it is trading above the main moving averages, including the 50 and 100-day averages. This indicates strong upward momentum and increasing support from buyers. The US interest rate cut decision is an additional catalyst to support the upward trend of gold, as investors tend to gold during periods of monetary easing.
MACD confirms that purchasing power is still dominant, with the rising line continuing above the falling line by a good margin. This positive indicator indicates the possibility of continuing the bullish momentum in the coming days.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2586 | 2576 |
| Target Point 1 (TP1) | First resistance: 2593 | First support: 2569 |
| Target Point 2 (TP2) | Second resistance: 2599 | Second support: 2563 |
| Stop Loss (SL) | 2576 | 2586 |
Under the current technical analysis, gold appears to have strong momentum supported by the US interest rate cut and continued trading above the moving averages. The MACD indicator indicates continued buying power, which reinforces expectations for further upside. If this momentum continues, we may see new highs above the $2600 per ounce level. The main support level is located at $2550, which could form a retracement point in case of minor corrections.
