European session, date: 07/17/2024
Introduction and overview
Gold continues its upward trend since last week, as it now trades at $2,475 per ounce. Despite the dollar index’s recent fluctuations, gold’s upward momentum remains strong, supported by technical analysis and economic indicators. Since Powell’s testimony last week, gold prices have been on the rise. Although the dollar index initially rose slightly, it fell again, which contributed to strengthening gold prices. Gold is now trading at $2,475, above the crossing of the moving averages, indicating strength in the uptrend. The MACD also supports this trend, indicating strong upward momentum. Trading above the intersection of the moving averages is a strong indication of the continuation of the upward trend, as this intersection is considered one of the important indicators for investors to determine entry and exit points from the market. In addition, the MACD, which measures momentum and trend strength, confirms that gold is still in a bullish phase.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2480 | 2471 |
| Target Point 1 (TP1) | First resistance: 2485 | First support: 2466 |
| Target Point 2 (TP2) | Second resistance: 2490 | Second support: 2461 |
| Stop Loss (SL) | 2471 | 2480 |
Conclusion
Despite the fluctuations witnessed by the dollar index over the past week, gold continues its upward trend supported by technical and economic indicators. With continued trading above the intersection of the moving averages and positive signals from the MACD indicator, gold appears poised for further rise in the coming period. The $2,475 level remains an important reference point that should be closely monitored to ensure the continuation of the uptrend.
