European session, date: 07/09/2024
Introduction and overview
The price of gold witnessed a significant decline during the second week of July 2024, falling from $2390 to $2350, representing a 40-point decline since the beginning of the week. Current technical data indicates that the gold price is trading below most of the moving average crossings, reflecting the strength of the downward trend. In addition, the MACD indicator is showing strength in the downside. In this technical analysis, we will review the factors affecting the price of gold and future expectations.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2362 | 2353 |
| Target Point 1 (TP1) | First resistance: 2368 | First support: 2348 |
| Target Point 2 (TP2) | Second resistance: 2373 | Second support: 2344 |
| Stop Loss (SL) | 2375 | 2381 |
Conclusion
The price of gold continues to fall during the second week of July 2024, falling from $2390 to $2350. Current technical data indicates strength of the downtrend with the price trading below most of the moving average crossovers and a strong negative MACD. This trend reflects increasing selling pressures, which calls on investors to closely monitor price movements and make appropriate decisions based on technical analysis and current economic data.
