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.
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 |
Conclusion
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.
