Trading Signals for GOLD sell below $2,809 or buy above $2,824
Early in the American session, XAU/USD is trading around $2,819, above the 21 SMA, and below the 8/8 Murray. A strong technical bounce is observed and gold is likely to continue rising in the next few hours until it reaches the 2,822 area where the daily R_2 is located.
If gold reaches its annual high ( 2,822-2,828), a double-top pattern will be formed which could be seen as a technical reversal signal. Thus, we could sell the metal in the short term with the target at $2,600.
On the other hand, if gold consolidates above 2,820, the outlook could remain bullish. Hence, we could expect gold to reach +1/8 of Murray located at 2,851.
Technically, we could expect gold to make a strong technical correction because the price is approaching overbought levels on the daily and weekly charts.
The indicator is showing a negative signal, reaching overbought levels. Therefore, after a technical correction towards 2,785 (21 SMA), gold could resume its bullish cycle.
If gold reaches its annual high ( 2,822-2,828), a double-top pattern will be formed which could be seen as a technical reversal signal. Thus, we could sell the metal in the short term with the target at $2,600.
On the other hand, if gold consolidates above 2,820, the outlook could remain bullish. Hence, we could expect gold to reach +1/8 of Murray located at 2,851.
Technically, we could expect gold to make a strong technical correction because the price is approaching overbought levels on the daily and weekly charts.
The indicator is showing a negative signal, reaching overbought levels. Therefore, after a technical correction towards 2,785 (21 SMA), gold could resume its bullish cycle.
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DAILY FREE SIGNAL.
FREE SIGNAL (95% accuracy ) TP AND SL PROVIDED
Public Telegram Channel
t.me/tradeaction0
VIP Telegram Channel
t.me/FxMr_Signal
FREE SIGNAL (95% accuracy ) TP AND SL PROVIDED
Public Telegram Channel
t.me/tradeaction0
VIP Telegram Channel
t.me/FxMr_Signal
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.