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Gold is trading around 2,305 under strong bearish pressure and below 5/8 Murray. The metal is likely to continue falling in the coming hours and find good support around 2,266 or even around 4/8 Murray located at 2,250.
Gold is oversold and the eagle indicator is giving a slightly bullish signal, but if bearish pressure prevails and gold breaks below the downtrend channel forming since April 5, it could reach the 200 EMA located at 2,266.
There is a support zone between 2,255 and 2,266. Gold could find a good point for a technical rebound on the condition of a decline and a daily close below 2,290. Then, we could sell with the target at 2,250. Below the psychological level of 2,300, the bearish pressure could intensify or ease above this level.
On the contrary, if gold continues to bounce as seen in the H4 chart and consolidates above 5/8 Murray located at 2,312, we could expect the recovery towards the 21 SMA located at 2,366.
Gold left a gap at around 2,391. Therefore, if it consolidates above 2,360, the outlook could remain bullish and the instrument could reach the psychological level of 2,400 and thus, cover the GAP.
Our trading plan for the next few hours is to look for opportunities to buy above 2,290, with targets at 2,330, 2,266, and finally 2,395. The eagle indicator is giving a positive signal which supports our bullish strategy.
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