03.12.202416:37 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for December 3-5, 2024: buy above $2,640 (21 SMA - GAP)

Relevance up to 09:00 2024-12-17 UTC--5

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, the XAU/USD is trading around 2,642 which matches the 21 SMA and below the 200 EMA with bullish potential.

On the H4 chart, we can see a symmetrical triangle pattern in progress which could mean that there could be a continuation of the bullish movement in the next few days.

Gold left a gap at around 2,656. It is likely that if it consolidates above 2,650, we could expect the instrument to cover this gap. So, we could even expect a further upward move until reaching 5/8 Murray at 2,695.

On the other hand, if gold returns below the 200 EMA (2,652), the outlook could remain negative. We could then expect a sharp decline with the target at 2,617. The metal could even reach 2/8 Murray at 2,578.

The Eagle indicator is showing a negative signal. So, as long as the gold price remains below 2,665, the medium-term outlook will be bearish.

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.