Gold Technical Analysis XAUUSD: Gold’s continued decline

American session, date: 7/23/2024

Introduction and overview

Gold prices are considered one of the most important indicators that investors monitor to anticipate upcoming trends in global financial markets. During Tuesday’s session, gold prices witnessed a sideways trend in the European session, but with the beginning of the American session, signs began to indicate the emergence of an upward trend based on advanced technical analysis. Currently, the price of gold is trading at $2,406 per ounce, which reflects the continuation of the rise after breaching its main moving averages. This breach enhances the expected upward opportunities during the coming period, and enhances the strength of the upward trend, as the MACD indicator indicates.

Gold Technical Analysis XAUUSD

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2410 2402
Target Point 1 (TP1) First resistance: 2415 First support: 2396
Target Point 2 (TP2) Second resistance: 2420 Second support: 2391
Stop Loss (SL) 2402 2410

 

Conclusion

Based on current technical analysis, analysts expect gold’s bullish trend to continue in the coming days, while monitoring key support and resistance levels. Investors and traders should closely follow market developments and upcoming technical signals to determine their strategies appropriately. With this, our technical analysis of gold prices is completed, which helps to understand the current situation and expectations for the upcoming price movement in a more accurate and professional manner.

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