Daily Technical Analysis Jul 24th 2024

1. EUR/USD Analysis:
News Summary:
Barclays estimates that inflation in the euro zone should maintain stable this month due to rising fuel and gas prices but remains elevated. Data due to be released next week should show euro zone consumer prices rose 2.5% year-on-year, unchanged from June. Economists said, however, that growth in core goods and services inflation should slow slightly with some pressure from the Paris Olympics.

Trend Analysis:
We can see EUR/USD H4 level fell and came below the 48 hours moving average. In addition, the MACD double line and energy column began to expand below the zero axis. The sell limit could be used, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.0770]
Key Resistance Levels: [1.0920]
Pivot Points [1.0870]

2. Gold Analysis:

News Summary:
The gold market showed positive moves on Tuesday, driven by expectations of a rate cut from the Federal Reserve. Despite facing political uncertainty, gold prices are steadily climbing near the key support level of $2,400. The decline in the US 10-year Treasury bond yield has further reduced the opportunity cost of holding gold. At the same time, investors are paying close attention to the upcoming US economic data, which will provide important clues to the direction of the Federal Reserve's monetary policy.

Trend Analysis:
We can see gold fluctuated and rebounded and is still running below the 48 hours moving average on H4 chart. On the other hand, the MACD double line and energy bar expands below the zero axis. The buy limit could be used, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [2375]
Key Resistance Levels: [2450]
Pivot Points [2400]