Trading Signals for GOLD (XAU/USD) for September 26-27, 2023: buy above $1,901 (rebound – 2/8 Murray)
September 26, 2023 4:25 pm
Early in the American session, Gold (XAU/USD) is trading around 1,908.52 with a bearish trend after reaching a high of 1,947.39. On the 4-hour chart, we can see that gold reached the bottom of the downtrend channel around 1,904.58. A technical rebound is unfolding shortly after.
In the next few hours, data from the United States regarding consumer confidence will be published. If this data is positive, gold could fall and reach the psychological level of 1,900. This area could be seen as an opportunity to buy. Thus, the H1 chart is showing an oversold signal.
The instrument is going through an intense sell-off. The general market trend continues to support the US dollar due to the sentiment of investors who reckon that the Federal Reserve will increase the interest rate in the coming months.
This sharp fall without a technical rebound of more than $40 reflects the mood of investors. Gold is likely to reach the psychological level of 1,900 in the next few hours.
Based on the H4 chart, we expect gold to bounce around 1,901. This area aligns with the bottom of the downtrend channel and the psychological level of 1,900. This area could offer an opportunity to buy, just in case gold bounces there, with the target at 1,920 (21 SMA).
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, Gold (XAU/USD) is trading around 1,908.52 with a bearish trend after reaching a high of 1,947.39. On the 4-hour chart, we can see that gold reached the bottom of the downtrend channel around 1,904.58. A technical rebound is unfolding shortly after.
In the next few hours, data from the United States regarding consumer confidence will be published. If this data is positive, gold could fall and reach the psychological level of 1,900. This area could be seen as an opportunity to buy. Thus, the H1 chart is showing an oversold signal.
The instrument is going through an intense sell-off. The general market trend continues to support the US dollar due to the sentiment of investors who reckon that the Federal Reserve will increase the interest rate in the coming months.
This sharp fall without a technical rebound of more than $40 reflects the mood of investors. Gold is likely to reach the psychological level of 1,900 in the next few hours.
Based on the H4 chart, we expect gold to bounce around 1,901. This area aligns with the bottom of the downtrend channel and the psychological level of 1,900. This area could offer an opportunity to buy, just in case gold bounces there, with the target at 1,920 (21 SMA).
The material has been provided by InstaForex Company – www.instaforex.com
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