Below is the daily technical analysis for August 2, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

We will now provide information on the forecast for price movements in Forex and Commodities, complete with calculations for Pivot points, Resistance, and Support levels.

EURUSD



EUR/USD on the 1-hour timeframe is below the pivot area at 1.08060, attempting to move down toward the first support area at 1.07770 and then toward the second support at 1.07480. Meanwhile, the RSI indicator is below the pivot area, indicating that the euro has the potential to decline further.

Suggest: Sell 1.08060 TP1 1.07800 TP2 1.07600 SL 1.08260

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08212

1.08355

1.07776

1.07913

1.08259

-0.00346

-0.32%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.08920

1.08640

1.08340

1.08060

1.07770

1.07480

1.07190


XAUUSD



Gold prices on the 1-hour timeframe are above the first resistance area at 2462.00, attempting to move up toward the second resistance area at 2478.10 and then toward the third resistance area at 2494.00. Meanwhile, the RSI indicator is in the overbought zone above the pivot area, indicating that gold prices have the potential to move down first before continuing to rise.

Suggest: Sell 2466.00 TP1 2460.00 TP2 2450.00 SL 2471.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2448.88

2462.28

2430.24

2442.83

2447.61

-4.78

-0.20%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2494.00

2478.10

2462.00

2446.10

2429.90

2414.10

2397.90


CLSK (OIL)



Oil prices on the 1-hour timeframe are below the pivot area at 77.31, with the potential to move down toward the first support area at 75.77 and then to the second support area at 74.68. Meanwhile, the RSI indicator is below the pivot area, indicating that oil prices have the potential to decline further.

Suggest: Sell 76.90 TP1 76.50 TP2 76.00 SL 77.40

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.59

78.85

76.22

76.87

78.44

-1.57

-2.00%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

81.03

79.94

78.40

77.31

75.77

74.68

73.14

 


That concludes the explanation of "Daily Technical Analysis: August 2, 2024 – U.S. Labor Market Slows, Dollar Erodes." Also, check out our other articles, such as the explanation of how to buy cryptocurrency, only on the GIC Journal. Don’t forget to sharpen your trading skills by getting the Scalping Guide Ebook. Make sure to download the GIC Mobile App on Google Play Store.