21.07.202607:39 Forex Analysis & Reviews: Trading Signals for GOLD on July 21-23, 2026: buy above $4,062 (triple-bottom pattern - 2/8 Murray)

Relevance up to 01:00 UTC--4

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold is trading around $4,046 after forming a triple-bottom pattern on the daily chart around $3,960. So, we believe that if gold consolidates above the 2/8 Murray line and above the 21 SMA in the coming days, the outlook could be positive, and the price could reach the 23.6% Fibonacci level around $4,135.

If gold consolidates above $4,062 in the coming days, we could expect it to fill the gap it left around $4,120. This could be the first target for bulls, and ultimately, we could expect it to reach the 3/8 Murray level around $4,218.

Conversely, if gold encounters a strong resistance level around $4,070, this could be seen as a signal to continue selling, and we expect it to consolidate around the psychological level of $4,000 in the coming days.

The Eagle indicator is showing a neutral signal, so we should still wait for the market to give us a signal before taking long or short positions. A key level to watch is the 2/8 Murray level. Above this zone, there is a bullish possibility, but below this zone, bearish pressure could continue to drive gold lower.

The 61.8% Fibonacci level is around $4,046, hence, as long as the price consolidates above this level, it could be sending us a positive signal. Therefore, we should closely monitor the XAU/USD price; as long as it remains above this area, it could be viewed as a buying opportunity.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.