Is XMR traceable?

Could you please elaborate on the traceability of XMR, the Monero cryptocurrency? I understand that privacy and anonymity are key aspects of this cryptocurrency, but are there any instances where transactions can still be traced? Additionally, what measures does Monero employ to ensure the privacy and security of its users? Are there any known vulnerabilities or concerns surrounding its traceability? I'm curious to know more about the technical aspects of how Monero achieves this level of privacy and whether it's truly untraceable in all scenarios.