Gold Technical analysis XAUUSD: The uptrend dominates the market

 

European session, date: 07/18/2024

Introduction and overview

Gold continues to attract investor interest thanks to its volatile price movements. In this technical analysis, we will take a look at the price movement of gold currently trading at 2472, highlighting the main technical indicators and support and resistance levels that may influence market trends. Today, gold is trading in a narrow price range ranging from… Analysis of technical indicators shows that the price of gold is trading above most moving averages, and the MACD indicator indicates the strength of the upward trend. Gold is trading above its short- and long-term moving averages, indicating a continuation of the uptrend. On the other hand, the MACD is showing some signs of bullish momentum.

Gold Technical analysis XAUUSD

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2476                   2468
Target Point 1 (TP1) First resistance: 2481 First support: 2463
Target Point 2 (TP2) Second resistance: 2486 Second support: 2458
Stop Loss (SL) 2468 2476

 

Conclusion

Based on technical analysis, gold appears to be continuing its upward trajectory with the price trading above the moving averages and positive momentum signals from the MACD. Investors should closely monitor support and resistance levels to make informed decisions. The outlook remains positive for gold in the coming period, making it a safe haven for investors in light of the current market conditions.

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