Here is the daily technical analysis for July 26, 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.

USDJPY



USD/JPY on the 1-hour period is above the pivot area at 153.500, attempting to move up towards the first resistance area at 155.060, and potentially reaching the second resistance area at 155.880. Meanwhile, the RSI indicator is above the pivot area, indicating that the yen may have further potential to rise.

Suggest: Buy 153.500 TP1 154.000 TP2 154.500 SL 153.000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

153.815

154.318

151.939

153.939

153.896

0.043

0.03%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

157.440

155.880

155.060

153.500

152.680

151.120

150.300


XAUUSD



Gold prices on the 1-hour period are above the first support area at 2355.00, attempting to move up towards the pivot area at 2478.10, and potentially reaching the first resistance area at 2403.10. Meanwhile, the RSI indicator is above the pivot area, suggesting that gold prices may have further potential to rise.

Suggest: Buy 2363.00 TP1 2368.00 TP2 2378.00 SL 2356.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2396.49

2401.21

2353.11

2361.72

2397.69

-35.97

-1.50%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2451.20

2426.20

2403.10

2378.10

2355.00

2330.00

2306.90


CLSK (OIL)



Oil prices on the 1-hour period are above the pivot area at 77.54, with the potential to move up to the first resistance area at 79.06 and possibly reaching the second resistance area at 79.97. Meanwhile, the RSI indicator is above the pivot area, indicating that oil prices may have further potential to rise.

Suggest: Buy 77.50 TP1 78.00 TP2 78.50 SL 77.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

77.48

78.45

76.02

78.15

77.41

0.74

0.96%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

81.49

79.97

79.06

77.54

76.63

75.11

74.20

 


That was the explanation of the "Daily Technical Analysis: July 26, 2024 – US Dollar Weighed Down by Inflation." 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.