Trading Signal for GOLD (XAU/USD) for August 3-4, 2023: buy above $1,928 (symmetrical triangle – 2/8 Murray)
August 3, 2023 4:26 pm
Early in the American session, gold (XAU/USD) is trading around 1,937.50, around the 2/8 Murray, and below the 200 EMA.
In the H1 chart, we can see the formation of a symmetrical triangle pattern. Hence, gold is likely to rebound above 1,928 in the next few hours and could reach the 1,942 area.
In case of a break above the symmetrical triangle and a close above 1,945 on the 1-hour chart, we could expect a recovery in gold and the instrument could reach 1,953 and 1,968.
On the other hand, in case gold rebounds above the bottom line of the symmetrical triangle, the area around 1,930 will be seen as an opportunity to buy with targets at 1,937 and 1,942.
In case gold breaks out of the symmetrical triangle and falls below 1,925, we could expect a bearish acceleration and the metal could reach 1/8 Murray around 1,906 and even the psychological level of 1,900.
XAU/USD is expected to consolidate above 1,928 and below 1,945 in the next few hours. The Eagle indicator is giving a positive signal since August 2. So, gold is likely to rebound in the coming hours. The instrument could climb to the level of 3/8 Murray at 1,968.
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, gold (XAU/USD) is trading around 1,937.50, around the 2/8 Murray, and below the 200 EMA.
In the H1 chart, we can see the formation of a symmetrical triangle pattern. Hence, gold is likely to rebound above 1,928 in the next few hours and could reach the 1,942 area.
In case of a break above the symmetrical triangle and a close above 1,945 on the 1-hour chart, we could expect a recovery in gold and the instrument could reach 1,953 and 1,968.
On the other hand, in case gold rebounds above the bottom line of the symmetrical triangle, the area around 1,930 will be seen as an opportunity to buy with targets at 1,937 and 1,942.
In case gold breaks out of the symmetrical triangle and falls below 1,925, we could expect a bearish acceleration and the metal could reach 1/8 Murray around 1,906 and even the psychological level of 1,900.
XAU/USD is expected to consolidate above 1,928 and below 1,945 in the next few hours. The Eagle indicator is giving a positive signal since August 2. So, gold is likely to rebound in the coming hours. The instrument could climb to the level of 3/8 Murray at 1,968.
The material has been provided by InstaForex Company – www.instaforex.com
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