European session, date: 07/19/2024
Introduction and overview
During the third week of July 2024, the gold XAUUSD market witnessed noticeable price fluctuations due to the fluctuation in the value of the US dollar. Gold started the week at $2,412 per ounce and reached its highest price at $2,483 and its lowest price at $2,401. These movements reflect instability in financial markets and provide an opportunity for technical analysis to evaluate the current situation and future expectations. During this week, gold witnessed fluctuations between ups and downs, as it rose to $2,483 per ounce and then fell to its lowest level at $2,401. Gold is currently trading at $2,420 per ounce, below most moving average crossovers. The MACD indicator indicates the strength of the downtrend, indicating the possibility of continued selling pressure on the precious metal.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2423 | 2416 |
| Target Point 1 (TP1) | First resistance: 2428 | First support: 2411 |
| Target Point 2 (TP2) | Second resistance: 2433 | Second support: 2406 |
| Stop Loss (SL) | 2416 | 2423 |
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.
