See also
Early in the American session, gold is trading around 3,330, below the 21st SMA and rebounding after reaching the 6/8 Murray level around 3,281.
Gold could continue its rise in the coming days and reach the 7/8 Murray level at 3,361, and is even expected to reach the 8/8 Murray level around 3,437.
Gold left a gap at 3,425 that has not yet been filled. It is expected to reach this area again in the coming days and could even break it and climb to the psychological level of $3,500.
On the other hand, if the bearish force prevails, it is expected to continue falling and could again test the 6/8 Murray level, which could serve as a good point to resume buying.
On the H4 chart, we see that gold is trading within a bearish trend channel formed on April 15. In the coming days, it could likely reach the 3,220 level, which coincides with the 200 EMA.
Gold has been very volatile in recent days, so we believe it is important to minimize risk when trading this asset, as there are times when movements are outside of technical parameters. This can sometimes lead to losses for traders.
Our trading plan for the coming days is to continue buying gold with a target of 3,437. The eagle indicator is giving a positive signal, suggesting a bullish advance for gold.
You have already liked this post today
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful
On the other hand, if Bitcoin consolidates above the 7/8 Murray level, it is likely that it will reach the strong resistance of the 8/8 Murray level located at $112,500
If gold recovers above the 200 EMA at 3,327, we could expect a pullback to 3,345. This area represents strong resistance and could be seen as a selling opportunity
Forex Chart
Web-version
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.