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Gold fell to its lowest level at 1,680, a fall of 83 dollars compared to the opening price. Then, in a few minutes, gold was trading near 1,740. This type of back and forth movement is called a flash crash.
A highly volatile movement of gold was registered at the opening of the market this week. What could be considered as a very strong and sudden movement, called a flash crash, often turns out to be a back and forth movement that happens in a few seconds or minutes and after which prices often return to the same point or recover more than 50% of their initial movement.
According to the 4-hour chart, gold has fallen to the 2/8 zone of Murray located at 1,687. This level represents strong important support, from where the gold rose to the resistance zone of 4/8 Murray in a matter of minutes.
The 4/8 Murray zone has now become immediate resistance. If gold consolidates below this level, a drop is expected to the 3/8 Murray zone located at 1,718.
On the contrary, upon a break of the key level of 1,750 and consolidation above the 4/8 Murray line, gold is likely to continue the technical rebound and could reach the level of 1,781.
The Eagle indicator that measures the volume and volatility of the market gave a bearish signal several days ago. Now it is in the oversold zone, therefore a rebound from the low of 1,718 will be a good opportunity to buy.
Support and Resistance Levels for August 09 - 10, 2021
Resistance (3) 1,784
Resistance (2) 1,774
Resistance (1) 1,746
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Support (1) 1,729
Support (2) 1,711
Support (3) 1,700
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A trading tip for GOLD for August 09 - 10, 2021
Sell below 1,750 (4/8) with a take profit at 1,718 (3/8) and a stop loss above 1,760.
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