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Early in the American session, Gold (XAU/USD) is trading around 1,927.42 below the 21 SMA and below the 7/8 Murray located at 1,937.50. We can see that the metal is losing bullish momentum and there could be a technical correction in the next few days.
On the 4-hour chart, we can see that Gold is trading within an uptrend channel formed since January 16. The latest candlesticks show strong consolidation below 1,937. It is likely that a strong bearish move could occur if gold falls below 1,921.
After a sharp break of the uptrend channel and a daily close below 1,920, we could expect gold to fall towards the area of 1,906 and the price could even continue its decline to 8/8 Murray located at 1,875.
On the other hand, a sharp break and a daily close above 1,935 could set the stage for a further uptrend and gold could reach 1,949. Even after breaking this level, the price could reach the psychological level of $2,000.
If gold trades below 1,931 (21 SMA) in the next few days, we can expect it to continue falling and the price could reach the psychological level of 1,900 and could even decline to 6/8 Murray at 1,875.
Our trading plan for the next few hours is to sell gold below 1,931 with targets at 1,920, 1,901, and 1,875. The eagle indicator is giving a negative signal, so the asset is approaching oversold levels. The key will be to wait for gold to reach the area of 1,906 which will provide good support to resume the bullish cycle.
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