Gold Technical Analysis XAUUSD: Evaluate trends

American session, date: 07/18/2024

Introduction and overview

Gold continues to attract investor interest thanks to its volatile price movements. In this technical analysis, we will study the current price movement of gold, as it is trading at the 2465 level, and highlight the main technical indicators and support and resistance levels that may affect the market. Gold is currently moving within a narrow price range. Analysis of technical indicators indicates that the gold price shows weakness in most moving averages, which indicates the continuation of the upward trend. The MACD is also showing weakness in the strength of the uptrend, as gold is also trading above the short and long-term moving averages. However, the indicator is showing some signs of upward momentum.

Gold Technical Analysis XAUUSD

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2469 2461
Target Point 1 (TP1) First resistance: 2474 First support: 2455
Target Point 2 (TP2) Second resistance: 2479 Second support: 2450
Stop Loss (SL) 2461 2469

 

Conclusion

At the end of this technical analysis, we find that the price of gold continues to attract attention thanks to its distinctive fluctuations. Although it is currently trading within a narrow price range, its continued trading above the moving averages and mixed signals from the MACD indicator enhance the possibility of continuing the upward trend in the coming period. Investors should carefully monitor support and resistance levels to understand potential developments in the gold market and make investment decisions wisely.

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