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Trading Signal for GOLD (XAU/USD) for August 17-18, 2023: buy if rebounds at $1,890 (1/8 Murray – 21 SMA)
August 17, 2023 5:24 pmVideo
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Early in the American session, gold (XAU/USD) is trading around 1,899.56, below the 21 SMA within the downtrend channel formed since July 26. We can see a technical rebound after reaching April price levels around 1,889.48.
According to the 4-hour chart, gold is heading towards the top of the downtrend channel. A rejection could occur and a pullback to support levels of 1,890 (1/8 Murray), if it fails to break the bearish channel.
The minutes of the Federal Reserve’s July meeting were released on Wednesday and the message was that the Central Bank could raise interest rates further. Such prospects are bullish for the US dollar. Rising Treasury yields are also keeping gold under bearish pressure.
A sharp break of the downtrend channel and a daily close above 1,906 could mean recovery for gold and it could reach the 200 EMA level located at 1,934.31.
On the other hand, in case gold remains below the psychological level of $1,900, we could expect a further downward movement and the instrument could reach the key level of 1,867.39. It left a gap there on March 10 that has to be covered. This area could be the target for bears.
Our trading plan for the next few hours is to sell below 1,903 with the target at 1,990. On the other hand, we can expect gold to rebound from about 1,890 to buy with targets at 1,906, 1,921, and 1,937.
Since August 10, the Eagle indicator has been giving a positive signal. However, we can see a consolidation of gold, which is likely to occur in the next few days. It will be followed by a strong upward movement. The key is to wait until a break above 1,906.
The material has been provided by InstaForex Company – www.instaforex.com
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