Gold Technical analysis XAUUSD: Price forecasts and market signals

Gold Technical Analysis , European session, date: 07/08/2024

Introduction and overview

Gold closed the first week at $2,391, and since the beginning of the second trading week, gold has fallen by 11 points. Currently, gold is trading at the $2,379 area. Current data indicates weakness in most moving average crossovers, reflecting weakness in the uptrend. Also, the MACD indicator is showing weakness in the positive trend.

Gold Technical analysis XAUUSD

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2381                   2375
Target Point 1 (TP1) First resistance: 2387 First support: 2369
Target Point 2 (TP2) Second resistance: 2390 Second support: 2365
Stop Loss (SL) 2375 2381



Based on current technical analysis, gold is showing signs of weakness in the uptrend. Investors need to carefully follow market developments, especially as negative signals continue to appear from technical analysis indicators. It may be wise to make cautious investment decisions until market trends become clearer.

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