Is Monero still untraceable?

Could you please clarify for me, is Monero still considered to be untraceable? Given the advancements in blockchain analysis and cryptocurrency tracing techniques, I'm wondering if its privacy features have been compromised in any way. Could someone with the right tools potentially trace Monero transactions? I'm particularly interested in understanding the current state of Monero's privacy protections and how they stand up to modern surveillance methods. Thank you for your insights on this matter.