Gold Technical analysis XAUUSD: Gold breaks the horizontal range


European session, date: 07/03/2024

Introduction and overview

Gold’s exit from the range of the consolidation zone that lasted for a week since June 27, 2024. Exiting the consolidation zone is considered a positive signal for traders and investors, as it enhances confidence in the possibility of continuing the rise in gold prices. However, investors should be cautious and closely follow global economic and political developments to ensure informed investment decisions. Gold is now trading at the 2344 area. Prices are trading above most of the moving average intersections, which indicates strength in the upward trend. The MACD indicator also shows strength in a positive direction.

Gold Technical analysis XAUUSD

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2349                   2341
Target Point 1 (TP1) First resistance: 2355 First support: 2336
Target Point 2 (TP2) Second resistance: 2360 Second support: 2331
Stop Loss (SL) 2341 2335



Thanks to gold’s exit from the consolidation range and stabilization above the moving average crossings, the upward trend appears strong and promising for investors. However, global economic and political developments should be monitored to ensure wise investment decisions are made. Investors who benefit from technical analysis may find at this stage an opportunity to strengthen their positions in the gold market.

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