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21.01.202217:24 Forex Analysis & Reviews: Trading signals for GOLD on January 21 - 24, 2022: sell in case of pullback around $1,843 ( 6/8 - diamond pattern)

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In the European session, gold fell to the strong support of 1,830. From this level it is making a technical correction.

XAU/USD bottomed at 1,828, right at the level of 5/8 Murray and 21 SMA and then started a bounce. It is currently operating at 1,833, recovering part of the losses.

The precious metal went through a downward correction, after reaching the highest level in two months at $1,848.

On the 4-hour chart, you can see the formation of a diamond pattern. This pattern could mean that gold has reached a strong top. As long as it remains trading below 1,848, a correction and reversal is expected in the coming days.

On January 19, the eagle indicator came to give an extreme overbought signal around 95-points. This indicator has a strong probability of success, and as the correction was imminent, gold made a drop to 1,828. Now hte price is recovering. However, it could resume its bearish movement and could fall below the 21 SMA with targets towards 1,812.

Since January 6, gold has been trading within a trend channel that is formed on the 4-hour chart. The strong resistance at 6/8 Murray could be a barrier to prevent gold from a further rise.

The level around 1,843 will give us an opportunity to sell again with targets at 1,828 and a break of 5/8 Murray could accelerate the decline to the 200 EMA located at 1,810.

Our trading plan is to buy at current levels while price remains above1,828 with targets towards 1,843. If gold cannot consolidate above 1,843, it will be an opportunity to sell with targets at 1,830 and towards 4/8 Murray at 1,812.

Support and Resistance Levels for January 20 - 24, 2022

Resistance (3) 1,851

Resistance (2) 1,843

Resistance (1) 1,841

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Support (1) 1,831

Support (2) 1,822

Support (3) 1,812

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Scenario

Timeframe H4

Recommendation: sell if pullback

Entry Point 1,840 - 1,843

Take Profit 1,830 (5/8) 1,812 (4/8)

Stop Loss 1,849

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