empty
 
 
12.08.2024 05:30 PM
Trading Signals for GOLD (XAU/USD) for August 12-15, 2024: sell below $2,459 (strong resistance - 6/8 Murray)

This image is no longer relevant

Gold is trading around 2,444 within a symmetrical triangle pattern and within the uptrend channel forming since August 5. Above 6/8 Murray, the outlook could be positive.

Because gold could continue its rise in the next few hours as it broke 2,437, it is likely to continue its bullish bias until the price reaches the weekly resistance of around 2,459. The instrument could even reach 2,468.

Gold is showing signs of exhaustion. So, we believe that in case a pullback occurs towards the top of the uptrend channel or the strong resistance at 2,459 -2,468, we could expect a strong technical correction during which the metal could reach the 21 SMA located at 2,418 and even 5/8 Murray at 2,406.

If the gold price falls below 2,437, it could confirm a trend change and we could see this as an opportunity to sell targeting 2,413 or even above the 200 EMA located at 2,396.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback