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22.08.2024 07:18 PM
Early in the American session, gold is trading around $2,500, bouncing back after breaking the 21 SMA and testing the strong support as it has found a technical rebound on several occasions.
Gold is expected to bounce above 8/8 Murray in the next few hours. If it consolidates above 2,507, it could resume its bullish cycle, but if it breaks and consolidates below 2,500, we could see a bearish acceleration towards the bottom of the bullish trend channel around 2,470.
The bottom of the uptrend channel could give gold a chance for a technical bounce. From that point, it could reach 2,500 even +1/8 of Murray at 2,539.
The eagle indicator is showing a negative signal. So, we believe that below 2,500 and below 8/8 Murray, we could expect a downward move in the gold price. Then, we could sell with a stop loss above the 21 SMA (2,507).
In case gold reaches the key support at 2,470, we could look for buying opportunities above this area with targets at 2,485, 2,500, 2,507, and finally, at 2,539.
A sharp break of the uptrend channel forming since August 6 could change the outlook for gold and we could expect a trend reversal. Hence, the metal could reach the 200 EMA located at 2,460 and could even fall towards 5/8 Murray at 2,382.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.
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