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.
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 |
Conclusion
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.
