European session, date: 06/27/2024
Introduction and overview
The gold market is considered one of the most attractive markets for investors and technical analysts alike, due to its unique nature and profound economic effects. Technical analysis of gold is characterized by a focus on studying price patterns and its movement over time, making use of tools such as moving averages, relative strength indicators, and candlestick patterns, to understand future trends and anticipate potential price movements. Gold is currently trading at $2,300. Prices are trading below most of the moving average crossings, with a sideways trend emerging. The MACD indicator shows the end of the negative trend.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2307 | 2290 |
| Target Point 1 (TP1) | First resistance: 2311 | First support: 2285 |
| Target Point 2 (TP2) | Second resistance: 2316 | Second support: 2280 |
| Stop Loss (SL) | 2290 | 2307 |
Conclusion
Technical analysis of the gold market is essential for investors seeking to understand the market and make informed investment decisions. This technical approach provides an accurate framework for analyzing historical data and predicting future trends, which helps achieve positive financial results and effectively achieve investment goals.
