13.12.202414:58 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for December 13-16, 2024: buy above $2,659 (200 EMA - 4/8 Murray)

Relevance up to 07:00 2024-12-27 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, gold is trading around 2,666 below the 21 SMA and above the 200 EMA.

Gold is approaching an important support located at 2,656. This level is key and decisive, since above it, we could expect a recovery of gold. Below it, the downtrend could even escalate and gold could reach 2/8 of Murray at 2,578.

If gold consolidates above 2,659 in the next few hours, any technical rebound will be seen as an opportunity to buy with targets at 2,691 and 2,695.

In turn, on the H4 chart, we observe that gold sharply broke the bullish trend channel. It suggests that in case there is a pullback towards 2,695, it will be seen as a signal to sell with short-term targets around 3/8 of Murray located at 2,617.

If gold consolidates above the psychological level of 2,700, the outlook could turn bullish again and the instrument could reach 2,734.

On the contrary, the outlook could turn bearish if gold trades below 2,650.

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.