European session, date: 07/22/2024
Introduction and overview
During the third week of July 2024, gold, this week was full of price fluctuations that were affected by the testimony of Federal Council Chairman Jerome Powell, which directly affected the movement of gold in the markets. During the third week of July 2024, the price of gold was affected by the testimony of Federal Council Chairman Jerome Powell, as prices witnessed noticeable fluctuations. Gold opened the week at $2412 per ounce, and reached its highest price this week at $2483 per ounce, before falling again to $2393 per ounce, closing at $2398 per ounce. These price fluctuations were the result of the initial negative effects of Powell’s testimony, which was followed by a strong rise in the price of gold, then a return to decline with almost the same force. Gold opened the last week of July 2024 at $2403 per ounce, 5 points below the previous closing price. Currently, the gold price is trading below most of the moving average intersections, indicating a continuation of the downward trend. The MACD indicator also indicates continued bearish strength.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2406 | 2398 |
| Target Point 1 (TP1) | First resistance: 2411 | First support: 2393 |
| Target Point 2 (TP2) | Second resistance: 2416 | Second support: 2388 |
| Stop Loss (SL) | 2398 | 2406 |
Conclusion
Gold price fluctuations in the third week of July 2024 reflect the effects of dollar fluctuations on the markets. Technical analysis shows that the downtrend is still strong, which requires traders to carefully follow technical indicators such as MACD and moving averages. This data provides important signals for making informed trading decisions in the coming period.
