04.12.202414:58 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for December 4-6, 2024: sell below $2,652 (200 EMA - symmetrical triangle)

Relevance up to 07:00 2024-12-18 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 at 2,644 around the 21 SMA, below the 200 EMA, and within the symmetrical triangle pattern forming since November 26.

On the H4 chart, we see a consolidation. If the gold price breaks sharply and consolidates above 2,652, we could expect a bullish movement that could push the price up to the 5/8 Murray at 2,695.

On the other hand, a sharp break of the symmetrical triangle pattern below 2,638 could mean a bearish acceleration. Therefore, the price could reach 3/8 Murray at 2,620 and 2/8 Murray at 2,578. Eventually, the metal could reach 2,562 where it left a gap on November 14.

Technically, gold could follow a technical correction in the next few days and resume its bullish cycle. The key will be to pay attention to the 3/8 Murray support. A technical bounce around this area could offer an opportunity to resume buying.

Our trading plan for the next few hours is to buy and sell inside the symmetrical triangle pattern below 2,652 and above 2,640.

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.