{"id":3579,"date":"2024-07-22T12:22:56","date_gmt":"2024-07-22T12:22:56","guid":{"rendered":"https:\/\/alchemymarkets.com\/en\/?post_type=market_insights&p=3579"},"modified":"2025-05-14T12:53:30","modified_gmt":"2025-05-14T12:53:30","slug":"gold-july-22nd-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/chart-of-the-day\/gold-july-22nd-2024\/","title":{"rendered":"Gold Analysis (July 22nd, 2024): XAU-ly Ascending in a Channel"},"content":{"rendered":"\n

Traders and investors of Gold (XAUUSD) must have felt frustrated over the past 3 months, as Gold has seemingly formed a strong base at $2,300 \u2013 ready to take off into the stratosphere. Instead, Gold was once again rejected near the $2,500 level (at exactly $2,483.76), making it the third time it\u2019s been rejected at the region.<\/p>\n\n\n\n

With this third rejection, it\u2019s safe to say that Gold is in some sort of a consolidation pattern. Unfortunately, it\u2019s an ascending channel which has a bearish bias.<\/p>\n\n\n\n

Currently, we are sitting at the mid level of the channel, which has been shown to be respected during this entire consolidation period from April \u2013 July 2024. If the price of Gold does decline from here, there are 3 key levels to watch. Let\u2019s get into it.<\/p>\n\n\n\n

Technical Analysis on XAUUSD (July 22nd, 2024)<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

As previously mentioned, Gold is sitting in an ascending channel consolidation with a bearish bias. The RSI indicator also suggests a bearish divergence is in play, adding to the idea of a bearish outlook in the upcoming days.<\/p>\n\n\n\n

However, just as not all rising wedges<\/a> break towards the downside, not all ascending channels break bearishly.<\/p>\n\n\n\n

Support Levels to Watch:<\/strong><\/h3>\n\n\n\n
    \n
  1. The lower trendline of the ascending channel is currently aligned with a large volume node, sitting at approximately $2,300 – $2,325.

    Given that $2,300 is a psychological level with decent trading volume, this area should act as a powerful support level.<\/li>\n<\/ol>\n\n\n\n
      \n
    1. The consolidation range between $2,150 – $2,180 does not have as significant trading volume, but could serve as a temporary bounce point for Gold.<\/li>\n<\/ol>\n\n\n\n
        \n
      1. The absolute level not to lose would be the major psychological level at $2,000, which coincides with the Point of Control at $2,025. If this key level is lost, it would be extremely bearish for Gold.<\/li>\n<\/ol>\n\n\n\n

        Personally, I do not think Gold would be able to breach $2,000, and would first be eyeing the $2,300 level. If a bounce is provided, a safe (partial) exit point for a long position would be at the midpoint of the channel.<\/p>\n\n\n\n

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        Gold (XAUUSD) has been stalling between the $2,300 to $2,500 region, forming an ascending channel on the daily timeframe. If we see a price decline, here are the key levels to watch.<\/p>\n","protected":false},"author":159,"featured_media":3581,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-3579","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"\nGold Analysis (July 22nd, 2024): XAU-ly Ascending in a Channel - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Analysis on Gold CFD as it moves between the range of $2,300 - $2,500. 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