Trading Signal for GOLD (XAU/USD) for July 17-18, 2023: sell below $1,956 (21 SMA – range)
July 17, 2023 4:22 pm
Early in the American session, Gold (XAU/USD) is trading around 1,959.71, below the 21 SMA and above the 200 EMA. We can see that XAU/USD is pulling back. It is likely to continue its bearish move and reach 1,942, the level that coincides with the bottom of the uptrend channel. The instrument could reach 2/8 Murray around 1,937.
On the other hand, gold could find a good point to bounce if it consolidates above 1,942 (200 EMA). This level could offer an opportunity to resume the uptrend and the metal could reach 1,958 and even 3/8 Murray around 1,968.
A sharp break of the uptrend channel formed since July 3, a break below the 200 EMA, and a break below the 2/8 Murray could change the bullish trend for gold and the instrument could decline to 1/8 Murray located at 1,906.
If gold trades below 1,935 in the next few days, it could trigger a decline towards the psychological level of $1,900. Further down, the monthly low near $1,893 could be the next target and gold could finally cover the GAP of 1,863.
In case the gold bulls hold prices above 1,956 (21 SMA), the uptrend channel and 3/8 Murray could serve as strong resistance. Once broken by the bulls, this could kick the price of gold towards the psychological level of $2,000.
Our trading plan for the next few hours is to sell gold below 1,956 with targets at about 1,942. In case it falls to around 1,942 -1,937, gold could rebound and reach 1,956 and even 1,968.
Since June 12, the Eagle indicator has been showing a negative signal. So, it is likely that any technical rebound has been seen as an opportunity to sell in the coming hours.
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, Gold (XAU/USD) is trading around 1,959.71, below the 21 SMA and above the 200 EMA. We can see that XAU/USD is pulling back. It is likely to continue its bearish move and reach 1,942, the level that coincides with the bottom of the uptrend channel. The instrument could reach 2/8 Murray around 1,937.
On the other hand, gold could find a good point to bounce if it consolidates above 1,942 (200 EMA). This level could offer an opportunity to resume the uptrend and the metal could reach 1,958 and even 3/8 Murray around 1,968.
A sharp break of the uptrend channel formed since July 3, a break below the 200 EMA, and a break below the 2/8 Murray could change the bullish trend for gold and the instrument could decline to 1/8 Murray located at 1,906.
If gold trades below 1,935 in the next few days, it could trigger a decline towards the psychological level of $1,900. Further down, the monthly low near $1,893 could be the next target and gold could finally cover the GAP of 1,863.
In case the gold bulls hold prices above 1,956 (21 SMA), the uptrend channel and 3/8 Murray could serve as strong resistance. Once broken by the bulls, this could kick the price of gold towards the psychological level of $2,000.
Our trading plan for the next few hours is to sell gold below 1,956 with targets at about 1,942. In case it falls to around 1,942 -1,937, gold could rebound and reach 1,956 and even 1,968.
Since June 12, the Eagle indicator has been showing a negative signal. So, it is likely that any technical rebound has been seen as an opportunity to sell in the coming hours.
The material has been provided by InstaForex Company – www.instaforex.com
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