Here is the daily technical analysis for July 23, 2024. The data and analysis contained in this bulletin can be widely applied to your trading. However, it is important to note that GICTrade and the data providers are not responsible for the results of your trading.

Below, we will provide a forecast of price movements in Forex and Commodities, along with calculations for Pivot Point levels, Resistance, and Support.

GBPUSD



GBP/USD on the 1-hour period is above the first support area at 1.29060, attempting to move up towards the pivot area at 1.29240 and potentially reaching the first resistance area at 1.29430. Meanwhile, the RSI indicator is at the pivot area, suggesting that the pound may have the potential to rebound.

Suggest: Buy 1.29200 TP1 1.29400 TP2 1.29600 SL 1.29000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.29160

1.29424

1.29055

1.29336

1.29119

0.00217

0.17%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.29790

1.29610

1.29430

1.29240

1.29060

1.28870

1.28690


XAUUSD



Gold prices on the 1-hour period are above the first support area at 2385.90, attempting to rebound towards the pivot area at 2399.00 and potentially reaching the first resistance area at 2414.10. Meanwhile, the RSI indicator is below the pivot area, suggesting that gold prices may have the potential to decline before rebounding, as the RSI is in the oversold territory.

Suggest: Buy 2391.00 TP1 2396.00 TP2 2406.00 SL 2386.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2401.07

2412.14

2383.89

2398.81

2399.85

-1.04

-0.04%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2442.40

2427.30

2414.10

2399.00

2385.90

2370.80

2357.60


CLSK (OIL)



Oil prices on the 1-hour period are at the pivot area at 78.35, with the potential to rebound to the first resistance area at 79.15 and possibly reach the second resistance area at 79.92. Meanwhile, the RSI indicator is at the pivot area, suggesting that oil prices may have the potential to rise or rebound.

Suggest: Buy 78.30 TP1 78.80 TP2 79.30 SL 77.80

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.90

79.12

77.55

78.37

78.73

-0.36

-0.46%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

80.72

79.92

79.15

78.35

77.58

76.78

76.01

 


That was the explanation of the "Daily Technical Analysis: July 23, 2024 – Gold Prices Set to Rebound." Be sure to check out our other articles, such as the guide on how to buy cryptocurrency, only in the GIC Journal. Don't forget to enhance your trading skills by getting the Scalping Ebook guide. Make sure to download the GIC Mobile App from the Google Play Store.