25.07.202416:57 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for July 25-29, 2024: buy above $ 2,360 (200 EMA - oversold)

Relevance up to 10:00 2024-07-26 UTC--4

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Early in the American session, gold is trading around 2,373, below the 200 EMA, and below the key level of 2,375. Gold is currently oversold.

Yesterday, after reaching the top of the downtrend channel around 2,431, XAU/USD made a strong technical correction. As a result, the price dropped to a low of 2,361.

If gold continues to trade below 2,366, it is likely to reach the 2,360 zone. If this level is broken, the price could reach 2,349, a weekly support that coincides with the price levels recorded in early July.

On the other hand, if gold consolidates above the 200 EMA and above the 4/8 Murray in the next few hourstrading above 2,380, it will be seen as an opportunity to buy. Then, the metal could reach 2,390 and even the 21 SMA located at 2399.

Since gold is oversold, there is strong support around 2,360. If gold bounces around this level in the next few hours, it will be seen as a buying opportunity.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.