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19.07.2024 05:05 PM
Trading Signals for GOLD for July 19-23: buy above $2,395 (5/8 Murray - rebound)

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Early in the American session, Gold is trading around the psychological level of 2,400 and under a strong bearish trend. Yesterday after breaking the symmetrical triangle, the precious metal fell below 2,460, printing a loss of more than $60. So, the metal is expected to rebound in the coming days.

We believe that gold could bounce above the weekly pivot at 2,395 in the coming hours, which could offer a good opportunity to buy since technically, the price has reached the extremely oversold zone on the H1 chart.

We could expect a technical rebound in gold. For this, we will look for opportunities to buy above 2,495 (W_Pivot) with targets at 2,405 and 2,420.

Given that gold could continue its fall next week and could reach 4/8 Murray at 2,375, we should look for opportunities to sell after the technical rebound only if gold trades below 2,420 or 2,432.

Dimitrios Zappas,
Analytical expert of InstaForex
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