European session, date: 07/02/2024
Introduction and overview
Since June 27, gold has been trading in a sideways range between the $2,319 and $2,335 per ounce areas. This horizontal range reflects a state of hesitation between buyers and sellers, as the price was unable to achieve a clear breakout in either direction. Technical data indicates general weakness in indicators, reflecting the lack of strong momentum to push prices in either direction. Analyzing this latitudinal range and price fluctuations gives us a deeper understanding of market trends and the potential for future movements of gold. Gold is now trading at the 2325 area
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2335 | 2319 |
| Target Point 1 (TP1) | First resistance: 2340 | First support: 2314 |
| Target Point 2 (TP2) | Second resistance: 2344 | Second support: 2310 |
| Stop Loss (SL) | 2319 | 2335 |
Conclusion
In conclusion, gold has been oscillating within a range between $2319 and $2335 per ounce since June 27, reflecting hesitation from buyers and sellers and the lack of strong momentum to push prices in either direction. Technical analysis indicates general weakness in indicators, which makes it important to monitor future developments to obtain a clearer view of market trends and the possibility of future movements for gold. Gold is currently trading at $2325 per ounce.
