Trading Signals for GOLD (XAU/USD) for November 8-10, 2023: sell below $1,966 (21 SMA – 7/8 Murray)
November 8, 2023 6:20 am
Early in the European session, gold (XAU/USD) was trading around 1,968.75 above the 21 SMA within the downtrend channel formed on November 3.
The recovery of the dollar index (USDX) made the XAU/USD fall to 1,956 recorded yesterday during the American session. Bearish pressure remains in force and gold could resume its decline if it slides below 1,966.
Gold could continue its bullish rebound if, in the coming days, it trades above 7/8 Murray and reaches the 200 EMA located at 1,978.
Once gold reaches the 1,980 level, it could resume its bullish cycle and reach the psychological level of $2,000 and could even surpass this level once it breaks the downtrend channel and reaches 2,031 (+1/8 Murray).
On the other hand, gold could continue to fall in the coming days only if it trades below the 21 SMA located at 1,966 and could reach the weekly support around 1,953 and could even reach 1,937 (6/8 Murray).
At the fundamental level, gold loses its safe-haven appeal because there has been no major news in the conflict between Israel and Hamas.
Our trading plan for the next hours is to sell the XAU/USD below 1,966, with targets at 1,957 and 1,953. In case it trades above 1,970, it will be seen as an opportunity to buy, with targets at the 200 EMA located at 1,978.
The material has been provided by InstaForex Company – www.instaforex.com
Early in the European session, gold (XAU/USD) was trading around 1,968.75 above the 21 SMA within the downtrend channel formed on November 3.
The recovery of the dollar index (USDX) made the XAU/USD fall to 1,956 recorded yesterday during the American session. Bearish pressure remains in force and gold could resume its decline if it slides below 1,966.
Gold could continue its bullish rebound if, in the coming days, it trades above 7/8 Murray and reaches the 200 EMA located at 1,978.
Once gold reaches the 1,980 level, it could resume its bullish cycle and reach the psychological level of $2,000 and could even surpass this level once it breaks the downtrend channel and reaches 2,031 (+1/8 Murray).
On the other hand, gold could continue to fall in the coming days only if it trades below the 21 SMA located at 1,966 and could reach the weekly support around 1,953 and could even reach 1,937 (6/8 Murray).
At the fundamental level, gold loses its safe-haven appeal because there has been no major news in the conflict between Israel and Hamas.
Our trading plan for the next hours is to sell the XAU/USD below 1,966, with targets at 1,957 and 1,953. In case it trades above 1,970, it will be seen as an opportunity to buy, with targets at the 200 EMA located at 1,978.
The material has been provided by InstaForex Company – www.instaforex.com
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