European session, date: 07/05/2024
Introduction and overview
Gold opened this week at $2326, and witnessed price fluctuations, reaching its highest price so far at $2367, while its lowest price this week reached $2318. This 49-point price increase is an important indicator for investors and traders in the precious metals markets. Gold is now trading at the 2344 area. Current data indicates that gold prices are trading above most of the moving average intersections, which reflects relative stability in the upward trend. The MACD indicator is showing a positive trend, which supports expectations of further rise in prices.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2368 | 2362 |
| Target Point 1 (TP1) | First resistance: 2374 | First support: 2355 |
| Target Point 2 (TP2) | Second resistance: 2379 | Second support: 2350 |
| Stop Loss (SL) | 2362 | 2362 |
Conclusion
In conclusion, the gold price analysis for this week shows a continuation of the upward trend with an increase of 49 points. Prices trading above moving average crossovers and a positive MACD indicator support expectations of further rises. Investors are advised to follow global developments and their impact on gold prices to determine the best trading and investment strategies in the coming period.
