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Trading Signal for GOLD (XAU/USD) for June 26-27, 2023: buy in case of rebound at $1,925 (21 SMA – GAP)
June 26, 2023 4:23 pmVideo
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Early in the American session, Gold (XAU/USD) is trading around 1930, yielding 0.61% on the day. Since the opening of the Asian session, gold appreciated but now it is showing signs of exhaustion. The price is currently located above the 21 SMA and it is likely to continue and reach the top of the downtrend channel formed since May 28.
The market is likely to remain within a price range below the 1,950 level where the 200 EMA is located and above last week’s low of about 1,910. This week, inflation data will be released in the US and Europe. The market will be also alert to speeches of the ECB President and Federal Reserve’s Chairman. This information could give investors a signal to buy gold or we could expect a further bearish movement and the metal could reach 1,863.
According to the 4-hour chart, we expect gold to consolidate above 1,925 (21 SMA) to buy with targets at 1,937 and 1,948. Conversely, in case the price falls below 1,925 (21 SMA), the decline is likely to continue. Thus, gold could cover the GAP left at 1,919 and the metal could reach the bottom of the downtrend channel around 1,910.
On the other hand, in case gold reaches the 1,948 resistance zone, this could be seen as a signal to sell because it is a key resistance level and top of the bearish channel accompanied by the 200 EMA.
According to the Eagle indicator, we have a bullish signal in the short term. Therefore, we expect any pullback in gold. As long as it trades above 1,910, it could be an opportunity to buy with targets around 1,950.
The material has been provided by InstaForex Company – www.instaforex.com
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