Stay 
Trading Conditions
Products
Tools
Early in the European session, Gold (XAU/USD) was trading around 2,563 below 2/8 Murray and within the downtrend channel forming since October 29.
On the H4 chart, we can see that during yesterday's American session, gold reached the area of 3/8 Murray and the 21 SMA, which acted as strong resistance in light of the US inflation data.
In the next few hours, we believe that gold could have a recovery, as technically we observe an oversold signal.
We believe that a technical bounce is likely to occur around the S_1 support located at 2,653 or around the bottom of the downtrend channel located at 2,550. Above this area, we will have an opportunity to buy.
Additionally, if gold consolidates above 2/8 of Murray located at 2,578, it will be seen as a positive signal and we can buy with targets at 2,619 and 2,621.
If gold continues its bearish cycle, the immediate support is located around 2,539 (1/8 Murray). The eagle indicator is reaching an extreme oversold zone. So, we believe that there could be a technical reboundin the next few days.
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.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
