You are here: Home > articles > Commodities > Forex > Trading Signals for Gold on April 18-19, 2023: buy if rebounds from $1,996 (21 SMA – GAP)
Trading Signals for Gold on April 18-19, 2023: buy if rebounds from $1,996 (21 SMA – GAP)
April 18, 2023 4:24 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 2,004.38. It is located below the 200 EMA and above the 21 SMA. On the 1-hour chart, we can see that gold is trading within a downtrend channel. However, it could find rejection around the 2,005 level.
In case there is a technical correction, it is expected that gold can bounce around the 21 SMA located at 1,996 or around the daily pivot point located at 1,994. Above this level, it could be a good opportunity to buy with targets at 2,005 (200 EMA) and at 2,009 (top of the bearish channel).
Besides, a sharp break above the downtrend channel and consolidation above 2,010 could be seen as a signal to continue buying with targets at 2,027 (GAP) and 2,031 (+1/8 Murray).
Several days ago, we have been commenting in our analysis that gold left a gap in the area of 2,023. If the price consolidates above 2,009, it could be seen as an opportunity to continue buying. This could cover this gap and the instrument could reach the +1/8 Murray at 2,031. If bullish force prevails, gold could reach the 2,062.50 level (+2/8 Murray).
Our trading plan for the next few hours is to buy gold if it rebounds around 1,996, targeting 2,009 (top of the bearish channel). The Eagle indicator is giving a positive signal and remains below the oversold zone which is likely to be seen as an opportunity to continue buying the XAU/USD pair.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: