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Early in the American session, gold is trading around 2,192, above the 21 SMA, and around the 61.8% Fibonacci retracement. In the H4 chart, we can see that after a period of accumulation and after the formation of the symmetrical triangle, gold broke sharply reaching 2,195.
This level is crucial because since March 7, it acted as a strong resistance. We believe that below this area, gold could make a technical correction.
In case gold consolidates above 2,192, we believe that the XAU can continue its upward movement and could climb to 7/8 Murray located at 2,218, but first, the psychological level of 2,200 could act as a rejection point.
On the contrary, our trading plan is to sell below 2,195-2,200. If gold falls below 2,187 (6/8 Murray) where the bearish pressure line is located, XAU/USD could reach 2,156 and finally fall to the bottom of the uptrend channel around 2,170.
A sharp break of the uptrend channel could change the course of gold. In the short term, we could expect the price to fall around 2,125 and could finally reach the 200 EMA located at 2,115.
Our trading plan for the next few hours is to sell below 2,200. In case gold exceeds 2,200, we should avoid selling and we could expect the metal to reach the resistance of 2,218.
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