05.12.202416:58 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for December 5-7, 2024: sell below $2,652 (200 EMA - symmetrical triangle)

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Early in the American session, gold was trading around 2,651, below 4/8 Murray, below the 200 EMA, and above the 21SMA.

Gold has been consolidating since the beginning of the week in anticipation of the NonFarm Payrolls due on December 6th.

Market sentiment is undecided as seen on the H4 chart. This suggests that in case of a breakout and consolidation above 2,656, gold could continue its rise and reach 2,695.

On the contrary, in case gold falls below 2,645, the outlook could be negative and we could expect a bearish acceleration that could push the metal down to 2,635 and even 3/8 Murray at 2,617.

Technically, gold is in a bearish trend. The latest negotiations suggest that gold could continue its downward movement, even reaching 2,562 in the next few days, where it left a gap.

Since gold is seen in the sequence of higher lows, it suggests that the price could be preparing for a strong bullish move, but we should wait for confirmation above 2,656.

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