See also
22.08.2024 07:18 PM
Early in the American session, gold is trading around $2,500, bouncing back after breaking the 21 SMA and testing the strong support as it has found a technical rebound on several occasions.
Gold is expected to bounce above 8/8 Murray in the next few hours. If it consolidates above 2,507, it could resume its bullish cycle, but if it breaks and consolidates below 2,500, we could see a bearish acceleration towards the bottom of the bullish trend channel around 2,470.
The bottom of the uptrend channel could give gold a chance for a technical bounce. From that point, it could reach 2,500 even +1/8 of Murray at 2,539.
The eagle indicator is showing a negative signal. So, we believe that below 2,500 and below 8/8 Murray, we could expect a downward move in the gold price. Then, we could sell with a stop loss above the 21 SMA (2,507).
In case gold reaches the key support at 2,470, we could look for buying opportunities above this area with targets at 2,485, 2,500, 2,507, and finally, at 2,539.
A sharp break of the uptrend channel forming since August 6 could change the outlook for gold and we could expect a trend reversal. Hence, the metal could reach the 200 EMA located at 2,460 and could even fall towards 5/8 Murray at 2,382.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
