You are here: Home > articles > Commodities > Forex > Trading Signal for GOLD (XAU/USD) for March 23 – 24, 2023: sell below $1,978 or in case of pullback at $1,987 (7/8 Murray
Trading Signal for GOLD (XAU/USD) for March 23 – 24, 2023: sell below $1,978 or in case of pullback at $1,987 (7/8 Murray
March 23, 2023 3:22 pmVideo
Latest News
- Analysis of EUR/USD pair on May 31st. EU inflation supports the euro May 31, 2024
- Analysis of GBP/USD pair on May 31st. The PCE index also works against the dollar May 31, 2024
- USD/JPY: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- Technical Analysis – US 100 stock index might lose more in short-term May 31, 2024
- EUR/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: trading plan for the US session on May 31st (analysis of morning deals). The pound was bought in the area of 1.2706 May 31, 2024
- EUR/USD: trading plan for the US session on May 31st (analysis of morning deals). The euro continued to grow May 31, 2024
- EUR/USD. May 31st. The economic data stopped the bears again May 31, 2024
- GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro May 31, 2024
- Weekly Forex Outlook: 31/05/2024 – ECB cut might get eclipsed by BoC surprise and NFP May 31, 2024
- Cryptos consolidate as spot Ether ETF excitement fades – Crypto News May 31, 2024
- Technical Analysis – USDJPY may retest 157.70 May 31, 2024
- June forecast: Dollar index poised for growth May 31, 2024
- Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report May 31, 2024
- Forex forecast 05/31/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 31, 2024
- EUR/USD and GBP/USD: Technical analysis on May 31 May 31, 2024
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
Early in the American session, Gold (XAU/USD) is trading around 1,978.39 above the 21 SMA and below the $2,000 psychological level.
Yesterday, gold started a strong rebound from the 1,935 low (6/8 Murray) towards the 1,980 zone. It has been a strong recovery of more than $45 which would indicate that the bullish trend still prevails.
In case of a further rise, the instrument could break the weekly resistance located at 1,987 and then it could again rebound to the psychological level of $2,000.
On the other hand, the technical indicators show that XAU/USD is overbought and we could expect a technical correction in the next few hours towards the support zone of 1,964 (21 SMA) or the daily pivot point located at 1,960.
In case gold climbs above 1,960, it could be considered a signal to buy with targets at 1,975, 1,987 and ultimately the psychological level of $2,000.
On the contrary, a sharp break below 1,960 could mean the resumption of bearish pressure and the instrument could already reach the support of 1,937 (6/8 Murray) and could fall towards the zone of 5/8 Murray located at 1,906 and could even reach the psychological level of 1,900.
Since March 17, the Eagle indicator has been giving oversold signals. In case there is a technical rebound and gold trades below 1,987, it will be considered an opportunity to sell.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: