05.07.202316:30 Forex Analysis & Reviews: Trading Signal for XAU/USD (GOLD) for July 5-6, 2023: buy above sell if pulls back at $1,937 or buy if rebounds at $1,919 (21 SMA -200 EMA)

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Early in the American session, gold is trading around 1,927.28, above the 21 SMA and below the 2/8 Murray. We can see that the XAU/USD pair is trading within the uptrend channel. Thus, the bullish force is likely to exhaust, due to the last few small candles.

Investors will be watching the FOMC minutes from the June meeting to be released in the afternoon of the American session. On the other hand, fears of a trade war between the US and China could boost the price of XAU/USD.

The price of gold is facing strong resistance at 1,937 (2/8 Murray) and a daily resistance (R_1) at 1,935. This area could prevent gold from its further rise, so you should wait for both levels as an opportunity to sell.

If gold falls below the 21 SMA located at 1,919 and breaks the uptrend channel sharply, it could reach the 1/8 Murray located at 1,906 and go down to the psychological level of 1,900.

In case the bullish force prevails, gold could face strong resistance at the 200 EMA located at 1,942 and at the top of the uptrend channel. If this scenario occurs, it could also be seen as an opportunity to sell.

The Eagle indicator is approaching overbought levels and a technical correction is likely in the next few hours on condition gold trades below 1,942-1,937.

The area of 1,942 -1,919 could be the price range for the next few hours. A break outside this range could determine the trend for the next few days. Our trading plan is to sell gold only if it approaches resistance levels of 1,937, with targets at 1,919 and 1,906.

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