empty
 
 
29.02.2024 01:57 PM
Trading Signals for GOLD (XAU/USD) on February 29, 2024: sell if breaks $2,031 (2/8 Murray - 200 EMA)

This image is no longer relevant

Technically, we observe that gold is overbought but could continue to rise above the key point of 2,031. Below this area, a sharp drop could occur in the coming days. For this, we should expect gold to trade below 2/8 Murray located at 2,031.

If gold makes a pullback around 2,046 or 2,049 in the next few hours, it will be seen as a signal to sell with targets at 2,031 and 2,025.

On the contrary, if gold falls below 2,031 and also consolidates below the 200 EMA located at 2,025, it could be the beginning of a trend reversal. So, a bearish acceleration could occur and the price could reach the psychological level of $2,000.

Our outlook will remain bearish, but for this, we have to wait for gold to reach the levels around 2,049 to sell or below 2,031 to sell, with targets at 2,015 and $2,000. The eagle indicator is in the overbought zone. Therefore, a technical correction is likely to occur in the coming days.

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 $6000 more!
    In December we raffle $6000 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