empty
05.01.2024 06:50 AM
Trading Signals for GOLD (XAU/USD) on January 5-8, 2024: buy above $ 2,043 (symmetrical triangle - 21 SMA)

This image is no longer relevant

Early in the European session, gold was trading around 2,046.27, above the 21 SMA and below the 200 EMA. On the H1 chart, we can see that gold rebounded after reaching the area of 2,030. Now, it is showing a positive outlook but it is facing the top of the downtrend channel formed on December 27th.

Yesterday, data from pollster ADP on US job creation reported that 164,000 jobs were added, much more than the 115,000 expected by analysts. This favored the US dollar and as a result, we saw a technical correction in gold, but due to oversold conditions, it resumed its upward cycle.

If in the next hours, the XAU/USD remains above 2,044 it could continue to rise and it could reach 2,053 and it could even reach 5/8 Murray located at 2,062, and finally the top of the main downtrend channel around 2,065.

On the other hand, if gold falls below 2,041, we could expect a continuation of the downward movement and it could reach 2,030 and even the psychological level of $2,000 (4/8 Murray).

On the chart, we can see the formation of a symmetrical triangle pattern whose breakout could give us a signal to trade in the next hours.

The eagle indicator on January 4 reached 5 points which represents oversold conditions and gold is likely to continue rising in the coming hours if it consolidates above 2,043.

Dimitrios Zappas,
الخبير التحليلي لدى شركة إنستافوركس
© 2007-2025
حدد الإطار الزمني
5
د
15
د
30
د
1
س
4
ساعات
1
يوم
1
أسبوع
كسب عائد من تغيرات أسعار العملات المشفرة مع إنستافوركس.
قم بتحميل منصة التداول ميتاتريدر 4 وافتح أول صفقة.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    انضم إلى المسابقة

المقالات الموصى بها

لا تستطيع التحدث الآن؟
اطرح سؤالك في الدردشة.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.