06.12.202415:00 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for December 6-9, 2024: sell below $2,656 (200 EMA - 4/8 Murray)

Relevance up to 08:00 2024-12-20 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 2,636.20, below the 21 SMA, and below the symmetrical triangle pattern.

Yesterday, gold made a decisive break of the symmetrical triangle pattern and reached a low of 2,612. Since then, we have seen a strong technical bounce. If gold continues to rise, it could find an obstacle to overcome at about 2,644.

If gold reaches the area between 2,650 and 2,656 in the next few hours and if it fails to consolidate above 4/8 Murray, it could be seen as a signal to resume selling, with targets at 2,617 and eventually at 2578.

The outlook remains negative as long as gold trades below 2,656. Any technical bounce will be seen as an opportunity to sell. The goal of the gold bears is to cover the GAP that was left around 2,562.

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.