European session, date: 07/31/2024
Gold Technical analysis XAUUSD. It continues to gain momentum in the markets, as it regained its strength and headed towards the rise again. The Metal XAUUSD is trading today at $2420 per ounce, reflecting a clear improvement in the general trend. In this Gold Technical analysis XAUUSD, we will review the factors that contribute to the continuation of this rise and take a look at the main technical indicators that indicate the strengthening of the upward trend.
Overview:
Gold has recently witnessed strong upward movements after a period of volatility, to return and trade above important levels. Currently, gold is trading at $2420 per ounce, indicating the continuation of the upward trend that has recently begun to form. The price is trading above the moving averages, which is a strong indication of the presence of strong technical support, which enhances the possibility of the continuation of the upward trend.
The moving averages reflect ongoing support, as the price is trading above them, indicating the continuation of positive momentum. This technical arrangement suggests that buyers are currently in control of the market, which enhances the possibility of further gains.
In addition, the MACD indicator is showing strength in the uptrend, reflecting the continuation of positive momentum. The MACD is showing a positive crossover and continues to rise, indicating that the bullish momentum is still strong. This support from technical indicators enhances the possibility of gold continuing its upward trend.
Fundamental factors:
On the fundamental side, gold XAUUSD continues to benefit from its role as a safe haven amid growing economic and geopolitical concerns. Conflicting economic data and geopolitical tensions support the demand for gold as a safe haven. In addition, expectations of accommodative monetary policies by global central banks enhance the appeal of gold as a hedge against inflation and currency volatility.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2424 | 2416 |
| Target Point 1 (TP1) | First resistance: 2430 | First support: 2411 |
| Target Point 2 (TP2) | Second resistance: 2435 | Second support: 2406 |
| Stop Loss (SL) | 2416 | 2424 |
With gold continuing to trade above its moving averages and the MACD indicator indicating positive momentum. it seems that the precious metal will continue to make gains in the coming period. It is important to monitor key technical levels, such as the support at $2400 and the resistance at $2450. as these levels may determine the next price path. Making informed trading decisions based on technical and fundamental analysis will be key to successfully capitalizing on this bullish trend in gold.
