For Traders

Analytical Reviews

Technical analysis

02.12.202115:38 Forex Analysis & Reviews: Trading signal for GOLD on December 02 - 03, 2021: buy above 1,771 (uptrend channel)

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 (XAU / USD) is trading within an uptrend channel formed since August 10. The daily chart shows that gold has strong support at 1,771.

Gold is testing the bottom of the uptrend channel formed on the daily chart. This level could give a bullish boost to gold. If it consolidates above 1,781, it could resume the bullish path until 1,812.

The 200 EMA located at 1,800 will be the first resistance. A break above this moving average could continue to rise to 4/8 of a Murray at 1,812.50.

Gold is being attractive to investors amid a resurgence of fears over the Covid Omicron variant. However, if risk aversion intensifies, the US dollar could regain its safe haven status, limiting the recovery in the price of gold.

If a break below 1,768 is confirmed, gold could lose its value, exposing the strong support at 1,750. To the upside, a consolidation above 1,781 (6/8) would ease downward pressure. For now, it remains trading between the range of 1,770-1,812.

Our trading plan for the next few hours is to buy gold as it consolidates above 3/8 Murray at 1,781 with targets at 1,800 (200 EMA) and through 1,812. The eagle indicator is showing signs of a technical rebound, which confirms our bullish strategy.

Support and Resistance Levels for December 02 - 03 2021

Resistance (3) 1,812

Resistance (2) 1,796

Resistance (1) 1,782

----------------------------

Support (1) 1,765

Support (2) 1,759

Support (3) 1,748

***********************************************************

A trading tip for GOLD December 02 - 03, 2021

Buy above 1,781 (3/8) or above 1,771 with take profit at 1,800 (200 EMA) and 1,812 (4/8), stop los below 1,773.

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.