Trading Signal for GOLD (XAU/USD) for August 15-16, 2023: buy above $1,900 (2/8 Murray – bearish pressure)
August 15, 2023 5:24 pm
Early in the American session, Gold (XAU/USD) is trading around 1903.61 below the 21 SMA and below the 2/8 Murray line.
According to the H-1 chart, we can see that gold trades within a downtrend channel formed on August 10.
In the next few hours, it is expected to continue falling until it reaches the 1,890 area (1/8 Murray).
A few hours ago, the data from the United States was published and these were favorable for the US dollar. For this reason, we saw a very strong movement in gold that drove the price down to the support zone of 1,896. For the time being, we see a recovery. However, gold could face resistance from 1,906 and 1,909.
A sharp break of the downtrend channel on the 1-hour chart and consolidation above 1,906 could open the door for a rally in gold. The price could reach 1,921 in the short term.
The psychological level of $1,900 could serve as a dynamic support. If gold trades above this zone, we could expect a rally with targets at 1,937 and 1,965. Conversely, below 1,906 we could expect a downward acceleration in the next few days and the instrument could fall towards 1,863 (GAP February 2023).
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, Gold (XAU/USD) is trading around 1903.61 below the 21 SMA and below the 2/8 Murray line.
According to the H-1 chart, we can see that gold trades within a downtrend channel formed on August 10.
In the next few hours, it is expected to continue falling until it reaches the 1,890 area (1/8 Murray).
A few hours ago, the data from the United States was published and these were favorable for the US dollar. For this reason, we saw a very strong movement in gold that drove the price down to the support zone of 1,896. For the time being, we see a recovery. However, gold could face resistance from 1,906 and 1,909.
A sharp break of the downtrend channel on the 1-hour chart and consolidation above 1,906 could open the door for a rally in gold. The price could reach 1,921 in the short term.
The psychological level of $1,900 could serve as a dynamic support. If gold trades above this zone, we could expect a rally with targets at 1,937 and 1,965. Conversely, below 1,906 we could expect a downward acceleration in the next few days and the instrument could fall towards 1,863 (GAP February 2023).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: