Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Gold Comes Across Resistance at $2404: What Comes Next?

Published 07/29/2024, 03:14 AM
XAU/USD
-
XAG/USD
-
GC
-
SI
-

Gold:

Gold (XAU/USD) longs at 2362/57 worked perfectly on Friday hitting all targets of 2370, 2380, 2385.

Another good week trading Gold last week. We were buying on Monday and Tuesday at $2390/85 and taking profits at $2415.

We then sold the break below $2382 on Thursday and took profit at 2365.

It's difficult because Gold is right in the middle of the 4-month range, so there is no pattern, trend or pattern to follow.

If we continue higher look for 2400 and resistance at 2404/08. Shorts need stops above 2413.

A break above 2413 we can target 2429/31.

Support at 2362/57 and longs need stops below 2352.

XAU/USD-Daily Chart

Silver:

Silver (XAG/USD) should meet resistance at 2840/50

Shorts need stops above 2865.

Targets: 2800, 2770, 2750

Today’s Trade Ideas with Stop Loss and Targets:

Todays Trade Ideas

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.