10.10.202417:31 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for October 10-11, 2024: sell below $2,628 (21 SMA - 2/8 Murray)

Relevance up to 11:00 2024-10-24 UTC--4

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Early in the American session, gold is trading around 2, 619 bouncing back after hitting the low of 2,602 following the release of US inflation data. XAU/USD is likely to find strong resistance around 2,626 - 2,630 where the 21 SMA is located and acts as a dynamic resistance.

After the inflation data, gold hit a low of 2,602. Since then, we have seen a strong technical rebound which could be a sign of a recovery in the coming days.

Since gold could have difficulty breaking above 2,627, we could look for opportunities to sell below 2, 626. In case there is a bounce around the psychological level at 2, 600, we could look for opportunities to buy.

Given that the eagle indicator is showing a positive signal, our strategy would be to buy around 2,610 or around 2,602, with the target at 2,626.

Additionally, if the price of gold breaks and consolidates around 2,630, we could expect it to continue rising until it reaches 2,643, a key area where the top of the downtrend channel is located and could be seen as an opportunity to sell.

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