After breaking the strong resistance of the 6/8 Murray level, gold made a strong bullish move, reaching the 7/8 Murray level around the $3,400 level.However, this area is a strong barrier, as it has previously exerted strong pressure on gold.
According to H4 chart, we see a technical correction, but it could be seen as a signal for the yellow metal too resume its bullish cycle in the coming hours, reaching the 8/8 Murray level at $3,437.
Conversely, if gold breaks below the symmetrical triangle pattern and falls below below $3,370, the outlook could be negative, and we could expect it to reach the 4/8 Murray level around $3,281 in the short term.
We should pay attention to the $3,3370 level. Bearish pressure could resume blow this area. Hence, any technical rebound will be seen as an opportunity to continue buying above this zone.
The RSI indicator has reached the overbought zone, so we believe gold could undergo a strong technical correction in the coming days. We must be vigilant if the price falls below the 6/8 Murray level, which could trigger a strong technical correction.
According to H4 chart, we see a technical correction, but it could be seen as a signal for the yellow metal too resume its bullish cycle in the coming hours, reaching the 8/8 Murray level at $3,437.
Conversely, if gold breaks below the symmetrical triangle pattern and falls below below $3,370, the outlook could be negative, and we could expect it to reach the 4/8 Murray level around $3,281 in the short term.
We should pay attention to the $3,3370 level. Bearish pressure could resume blow this area. Hence, any technical rebound will be seen as an opportunity to continue buying above this zone.
The RSI indicator has reached the overbought zone, so we believe gold could undergo a strong technical correction in the coming days. We must be vigilant if the price falls below the 6/8 Murray level, which could trigger a strong technical correction.
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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.