empty
 
 
05.09.2024 05:59 AM
Trading Signals for GOLD (XAU/USD) for September 5-9, 2024: buy if breaks $2,500 (8/8 Murray - 21 SMA)

This image is no longer relevant

Early in the European session, gold is trading around 2,497 within the downtrend channel formed since August 28 and testing the strong resistance at the psychological level of 2,500.

Gold is consolidating above the 21 SMA which suggests that a strong bullish move could occur in the coming days. If gold breaks sharply the area of 2,500, then it could reach 2,521 and finally, it could reach 2,539 (+1/8 Murray).

If the bearish force prevails, gold could drop below 2,495 and reach the 200 EMA located around 2,464 and could eventually reach 7/8 Murray around 2,460.

If gold consolidates above $2,500 in the next few hours, we will look for buying opportunities with targets at $2,512 and $2,539. The Eagle indicator is showing an oversold signal, so a technical bounce is likely to follow in the next few days.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback