09.09.202416:32 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for September 9-11, 2024: buy if breaks $2,503 (21 SMA - 8/8 Murray)

Relevance up to 10:00 2024-09-14 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 traded around 2,497, below the 200 EMA, below the 21 SMA, and below the 8/8 Murray. During the European session, we observed a fall towards the 2,483 area. From this level, we are watching a recovery of gold which is likely to continue its rise in the next hours. For this, we should wait for consolidation above 2,503.

If gold consolidates above 2,503 in the next few hours and continues trading within the bullish trend channel, we could expect it to reach the target of around 2,528. This area represents a strong resistance zone that gold has been testing since August 19th. If the bullish force prevails, we could expect the price to reach 2,539 and, finally, 2,573.

On the other hand, if gold fails to consolidate above 2,503, we could expect a resumption of the bearish cycle. So, the metal could reach 2,489. If the gold price trades below 2,485, it could mean a change in trend and a break of the uptrend channel. Then, the instrument could drop to about the 200 EMA located at 2,471.

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.