European session, date: 07/15/2024
Introduction and overview
Gold saw trading in a narrow price range during the second week of July 2024, raising questions about the future trend. With the week closing at $2412 per ounce and the current price trading at $2,407, gold’s movement remains limited between the moving averages, indicating weakness in the current momentum. Gold closed the second week of July 2024 at $2412 per ounce, after reaching a high of $2424 and a low of $2348. Gold is currently trading at $2408, indicating range-bound moves. Gold’s current trading is between most moving averages, reflecting market indecision and lack of a clear trend. In addition, the MACD indicator is showing weakness in the trend, which enhances the possibility of continued price volatility without a clear breakout to the upside or downside.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2375 | 2369 |
| Target Point 1 (TP1) | First resistance: 2380 | First support: 2364 |
| Target Point 2 (TP2) | Second resistance: 2385 | Second support: 2360 |
| Stop Loss (SL) | 2369 | 2375 |
Conclusion
Gold is facing a period of volatility in a narrow price range, with clear weakness in momentum as seen in the MACD indicator. With prices trading between moving averages, the future direction remains uncertain. Traders are advised to closely monitor the market and wait for strong signals before making trading decisions to ensure they make the most of potential moves.
