You are here: Home > articles > Commodities > Forex > Trading Signal for GOLD (XAU/USD) for July 12-13, 2023: sell below $1,955 (strong resistance – overbought)
Trading Signal for GOLD (XAU/USD) for July 12-13, 2023: sell below $1,955 (strong resistance – overbought)
July 12, 2023 4:22 pmVideo
Latest News
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
- Forecast for EUR/USD on April 26, 2024 April 26, 2024
- Forecast for GBP/USD on April 26, 2024 April 26, 2024
- Forecast for AUD/USD on April 26, 2024 April 26, 2024
- The ECB also has reasons to worry April 26, 2024
- The dollar: there would have been no happiness, but misfortune helped April 26, 2024
- Trading Signals for EUR/USD for April 25-27, 2024: buy above 1.0684 (21 SMA – 3/8 Murray) April 25, 2024
- Trading Signals for GOLD (XAU/USD) for April 25-27, 2024: buy above $2,324 (21 SMA – 5/8 Murray) April 25, 2024
Early in the American session, gold (XAU/USD) is trading around 1,942.89, above the 200 EMA, and above the 21 SMA located at 1,928. We can see a strong break above the 200 EMA which was due to the inflation data that came out lower than expected by analysts.
In the next few hours, XAU/USD is expected to reach strong resistance of 1,955. In case this happens, we could expect that gold finds a strong rejection because there is a weekly resistance and the daily R_3 resistance. Therefore, it could be seen as an opportunity to sell with targets at 1,938 and 1,928.
In case gold reaches the 1,940 -1,938 zone, this could be seen as an opportunity to buy with the targets at around 1,955. Conversely, with a sharp break below 2/8 Murray located at 1,937, gold is likely to have a downward acceleration and the price could reach 1,928 and even the bottom of the uptrend channel around 1,925.
We expect gold to consolidate around 1,955 and this could be seen as an opportunity to sell gold on condition it falls below this zone. A daily close above 1,960 could be seen as a bullish continuation signal and the metal could reach 3/8 Murray located at 1,968.75.
The Eagle indicator reached the 95-point zone which represents strongly overbought levels. Therefore, we can see that in the next few days, gold could make a strong technical correction towards 1,930.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: