08.08.202416:54 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for August 8-10, 2024: sell if pullback at $2,424 or buy above $2,406 (200 EMA - symmetrical triangle)

Relevance up to 10:00 2024-08-22 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 at about 2,406, above the 21 SMA, and above the 200 EMA, showing a positive signal. It could gain momentum above 5/8 Murray. It might reach the high of August 5 around 2,417 and even the weekly resistance at 2,324.

If gold continues to rise, we could look for opportunities to buy above the 5/8 Murray located at 2,406 with targets at 2,417 and 2,424 as the instrument is technically producing a bullish signal.

On the contrary, if gold pulls back towards the symmetrical triangle pattern that was broken around 2,399, we could expect a technical bounce to occur and it could be seen as an opportunity to buy. This outlook will be valid as long as gold consolidates above the psychological level of $2,400.

Should the bullish momentum prevail, we could expect gold to reach a strong resistance zone around 2,424. This level could be key and we could expect a technical correction to occur there. Should gold fail to consolidate above 2,425, it will be seen as an opportunity to sell.

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.