Here is the daily technical analysis for July 17, 2024. The data and analysis in this bulletin can be broadly 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 provide forecasts for price movements in Forex and Commodities, along with calculations for pivot points, resistance, and support levels.

GBPUSD



GBP/USD in the 1-hour timeframe is currently above the first resistance level at 1.29880, attempting to rise towards the second resistance level at 1.30040 and potentially reaching the third resistance level at 1.30290. Meanwhile, the RSI indicator is above the pivot level, indicating that the pound sterling has the potential for further upward movement.

Suggest: Buy 1.29880 TP1 1.30040 TP2 1.30290 SL 1.29630

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.29614

1.29794

1.29382

1.29729

1.29676

0.00053

0.04%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.30290

1.30040

1.29880

1.29630

1.29470

1.29220

1.29050



XAUUSD



Gold prices in the 1-hour timeframe are currently below the first resistance level at 2469.80, attempting to move down towards the pivot level at 2444.90 and potentially reaching the first support level at 2420.10. Meanwhile, the RSI indicator is above the pivot level, suggesting that gold may have the potential for an upward move before declining further.

Suggest: Sell 2470.00 TP1 2460.00 TP2 2450.00 SL 2480.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2422.31

2469.68

2419.99

2467.63

2421.42

46.21

1.91%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2519.50

2494.60

2469.80

2444.90

2420.10

2395.20

2370.40



CLSK (OIL)



Oil prices in the 1-hour timeframe are currently above the pivot level at 80.99, with the potential to move up towards the first resistance level at 81.77 and then towards the second resistance level at 82.68. Meanwhile, the RSI indicator is above the pivot level, suggesting that oil prices may continue to rise further.

Suggest: Buy 80.75 TP1 81.25 TP2 81.75 SL 80.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

81.90

81.90

80.21

80.85

81.88

-1.03

-1.26%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

83.46

82.68

81.77

80.99

80.08

79.30

78.39

 


That concludes the explanation of "Technical Daily Analysis: July 17, 2024 – Interest Rates Cut, Dollar Under Pressure." Be sure to check out our other articles, such as how to buy cryptocurrency, only on the GIC Journal. Don't forget to sharpen your trading skills by getting the Scalping Ebook guide. Make sure to download the GIC Mobile App from the Google Play Store.