See also
14.05.2024 06:28 AM
Gold is trading around 2,343, around the 21 SMA, and within the uptrend channel forming since early May. Gold, after a strong technical correction below 2,375, found a bottom around 2,330 which gave it an opportunity to recover.
The H4 chart shows that gold could resume its bullish cycle if it consolidates above 2,340 or 2,330 in the coming days.
If gold keeps its uptrend channel intact, a technical bounce around 2,330 would be a key point to buy with targets at 2,375 and 2,392. At this level, gold left a GAP on April 18 and the price is likely to reach this area so the GAP will be covered in the next few days.
If gold breaks and consolidates below 2,330, the outlook could be negative and we could expect a change in trend. Therefore, gold could reach 5/8 Murray located at 2,312 and the 200 EMA located at 2,301.
We believe that in the next few hours, gold could gain momentum and we can look for opportunities to buy, only if it settles above 2,330. Any pullback in the price will be seen as an opportunity to buy with targets at 2,355, 2,375, and 2,392.
On May 10, the eagle indicator reached the oversold zone and we believe that gold could resume its bullish cycle as we see a relief in the bearish pressure so that gold could continue to rise.
You have already liked this post today
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
