European session, date: 08/07/2024
Gold Technical analysis XAUUSD. Gold continues its downward trend, despite the clear weakness in selling strength. Bulls are still unable to control the market. Today, gold is trading at $2392 per ounce, reflecting the continued downward pressure. In this technical analysis, we will review gold’s performance and key technical levels.
Gold Technical analysis XAUUSD: Overview
Gold has continued its downward movements in recent days, trading at $2392 per ounce today. However, there is clear weakness in most of the moving average crossovers, indicating that the downward momentum may be losing some strength. In addition, the MACD indicator is showing weakness in the downward direction, reflecting a decline in selling momentum to some extent.
Moreover, the continuation of this downward trend requires close monitoring of technical levels. For example, support at $2370 could be a crucial level to watch, while resistance at $2410 could act as a barrier to any upward attempts.
In addition to technical analysis, gold’s movement is influenced by global economic and political factors. For example, monetary decisions by major central banks, as well as geopolitical tensions, affect gold prices. Therefore, investors should carefully monitor these factors to ensure that they make informed decisions.
Fundamental factors:
Several fundamental factors influence the price of gold. For example, changes in monetary policies by major central banks such as the Federal Reserve affect the price direction. Additionally, geopolitical tensions and global economic conditions play a major role in determining gold’s movements. Therefore, keeping track of these developments can provide valuable signals about the future direction.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2395 | 2389 |
| Target Point 1 (TP1) | First resistance: 2400 | First support: 2383 |
| Target Point 2 (TP2) | Second resistance: 2405 | Second support: 2378 |
| Stop Loss (SL) | 2389 | 2395 |
In conclusion, gold continues to move in a downward trend, with weak selling power and no clear control from bulls. Gold is trading today at $2392 per ounce, with signs of weakness in the bearish momentum from the MACD indicator. Traders should monitor key technical levels, such as support at $2370 and resistance at $2410, to identify potential entry and exit points. In addition, economic and political news that may affect the market should be followed. Using technical and fundamental analysis together will help traders make informed decisions in this volatile period.
