Trading Signal for GOLD (XAU/USD) on April 11 – 12, 2023: buy above 1,996 (21 SMA – 8/8 Murray)
April 11, 2023 4:22 pm
Early in the American session, Gold (XAU/USD) is trading around the psychological level of $2,000. XAU/USD is rebounding, having reached the 21 SMA located at 1,996.
Yesterday, gold printed a low at 1,981.52. The gap left at 2,006.99 was covered in the European session today. A rally by about $25 shows that gold is now poised to continue higher. If it consolidates above the 8/8 Murray in the next few days, it could reach +1/8 Murray located at 2,031.
On the 1-hour chart, we can see that gold managed to cover the gap at 2,007 and we can also see that gold sharply broke out of the downtrend channel formed since April 5th. Such technical developments could set the stage for gold to resume its bullish cycle and the price could reach +1/8 Murray at 2,031 in the next few days.
The key level and the daily pivot point are located around 1,990. Below this area, we could expect a fall and the price could reach 7/8 Murray at 1,968. Above the area of 1,990, any technical correction could be seen as an opportunity to buy.
Gold still has a gap to cover around 2,031. It is expected that tomorrow, following inflation data from the US, gold could reach this level. Conversely, a drop below the psychological level of 2,000 could jeopardize the strength of gold and it could reach 1,968 (7/8 Murray) and 1,937 (6/8 Murray) where the 200 EMA is spotted on the 4-hour chart.
Since April 10, the Eagle indicator has been giving a positive signal. Therefore, any setback while the instrument consolidates above 1,990 will be seen as an opportunity to buy with targets at 2,006, 2,020, and 2,031.
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, Gold (XAU/USD) is trading around the psychological level of $2,000. XAU/USD is rebounding, having reached the 21 SMA located at 1,996.
Yesterday, gold printed a low at 1,981.52. The gap left at 2,006.99 was covered in the European session today. A rally by about $25 shows that gold is now poised to continue higher. If it consolidates above the 8/8 Murray in the next few days, it could reach +1/8 Murray located at 2,031.
On the 1-hour chart, we can see that gold managed to cover the gap at 2,007 and we can also see that gold sharply broke out of the downtrend channel formed since April 5th. Such technical developments could set the stage for gold to resume its bullish cycle and the price could reach +1/8 Murray at 2,031 in the next few days.
The key level and the daily pivot point are located around 1,990. Below this area, we could expect a fall and the price could reach 7/8 Murray at 1,968. Above the area of 1,990, any technical correction could be seen as an opportunity to buy.
Gold still has a gap to cover around 2,031. It is expected that tomorrow, following inflation data from the US, gold could reach this level. Conversely, a drop below the psychological level of 2,000 could jeopardize the strength of gold and it could reach 1,968 (7/8 Murray) and 1,937 (6/8 Murray) where the 200 EMA is spotted on the 4-hour chart.
Since April 10, the Eagle indicator has been giving a positive signal. Therefore, any setback while the instrument consolidates above 1,990 will be seen as an opportunity to buy with targets at 2,006, 2,020, and 2,031.
The material has been provided by InstaForex Company – www.instaforex.com
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