You are here: Home > articles > Commodities > Forex > Trading Signal for GOLD (XAU/USD) for June 21-22, 2023: buy above $1,925 or if rebounds at $1,925 (2/8 Murray – double bottom)
Trading Signal for GOLD (XAU/USD) for June 21-22, 2023: buy above $1,925 or if rebounds at $1,925 (2/8 Murray – double bottom)
June 21, 2023 3:23 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- 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
Early in the American session, Gold (XAU/USD) is trading around 1,929.75, below the 21 SMA and below the 200 EMA.
We can see that gold is trading within a downtrend channel formed from June, 15. If gold trades below 1,935, it is likely to reach the bottom of the downtrend channel around 1,920.
In the next few hours, we expect the XAU/USD pair to break the 21 SMA located at 1,935. In case gold consolidates above this level and above 2/8 Murray, we could expect a bullish move and reach the top of the downtrend channel and the 200 EMA located at 1,950.
Additionally, with a sharp break and daily consolidation above 1,950, we could expect this to reach 3/8 of Murray located at 1,968.
On the other hand, the odds are that the downward pressure will continue in the next few hours, so we could wait for a point to buy around 1,925, a level that coincides with the minimum of June 15. Alternatively, in case of a technical rebound, we could wait for the area of the downtrend channel bottom around 1,920 to buy.
On the daily chart, the Eagle indicator is giving an oversold signal which could be seen as a signal to buy in the short term. The instrument could reach the psychological level of $2,000 in the next few days.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: