Gold, after reaching the low of the 5/8 Murray around 3,300, rebounded strongly, gaining more than $100 in less than a week. We believe it could be facing a strong technical correction, as the 8/8 Murray represents a strong barrier.
If gold consolidates below the 8/8 Murray in the coming hours, it will be seen as a selling opportunity with a target at the 7/8 Murray around 3,398. The price could even reach the support of the 6/8 Murray around 3,359.
We could have a positive outlook for gold if it consolidates above 3,437. Then, it could reach the +1/8 Murray a 3,472 and even get the psychological level of $3,500.
The RSI indicator is reaching extremely overbought levels, so an accelerated technical correction is imminent in the coming hours. Therefore, we will look for opportunities to sell below 3,437.
If gold consolidates below the 8/8 Murray in the coming hours, it will be seen as a selling opportunity with a target at the 7/8 Murray around 3,398. The price could even reach the support of the 6/8 Murray around 3,359.
We could have a positive outlook for gold if it consolidates above 3,437. Then, it could reach the +1/8 Murray a 3,472 and even get the psychological level of $3,500.
The RSI indicator is reaching extremely overbought levels, so an accelerated technical correction is imminent in the coming hours. Therefore, we will look for opportunities to sell below 3,437.
Trade active
Uncertainty surrounding future tariffs and trade deal is pressuring traders and could serve as additional supportive factor for gold prices, preventing a sharp decline.Today, the XAU/USD pair may take cues from the release of US existing home sales data. However, primary focus should be on the preliminary PMI indices, which could influence overall risk sentiment.
Trade closed: target reached
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DAILY FREE SIGNAL. FREE SIGNAL (95% accuracy) TP AND SL PROVIDED
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.