empty
09.02.2024 04:00 PM
Trading Signals for GOLD (XAU/USD) on February 9-12, 2024: sell below $ 2,031 (200 EMA - 5/8 Murray)

This image is no longer relevant

Early in the American session, Gold (XAU/USD) is trading around 2,030.09, below the 21 SMA, and below the 200 EMA. On the H4 chart, we can see that gold has tried to break the downtrend channel forming since January 30. As the metal failed, we observe that it is resuming its bearish cycle.

If gold trades below 2,031 in the coming hours, it could continue to fall and reach the key support of 2,020, 2,015 and finally, the psychological level of $2,000.

On the other hand, if Bitcoin breaks sharply and consolidates above 2,035, we could revise our strategy because gold is likely to reach 2,046 and finally 6/8 of Murray at 2,062.

Gold could find good support around 2,020, giving it a new bullish momentum. The metal could try to break the 2,035 level again. If this scenario occurs, we can buy gold above 2,020 with targets at 2,046 and 2,062.

If gold breaks all the supports, both 2,020 and 2,015, then a strong bearish acceleration could occur and the price could reach the psychological level of $2,000.

Our outlook for the next few days is to sell gold below 2,031. This level is the key because it acted as a pivot pointon previous occasions. Therefore, we can use this area as a key point to sell. On the contrary, we could buy in case gold breaks above this area.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on May 28, 2025

On Tuesday, the EUR/USD pair consolidated below the 1.1374–1.1380 zone and then rebounded from it from below. This confirms the continuation of the downward move, and a close below

Samir Klishi 11:32 2025-05-28 UTC+2

Forex forecast 28/05/2025: NZD/USD, EUR/USD, USD/JPY, Gold, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:44 2025-05-28 UTC+2

GBP/USD – May 28th: How Will the FOMC Minutes Influence the Market?

On the hourly chart, the GBP/USD pair continued its decline on Tuesday and consolidated below the 161.8% Fibonacci retracement level at 1.3520. This means that the downtrend could continue today

Samir Klishi 09:54 2025-05-28 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 28, 2025.

With the appearance of Convergence between the movement of the AUD/JPY currency pair against the Stochastic Oscillator indicator and also confirmed by its price movement which is moving above

Arief Makmur 08:39 2025-05-28 UTC+2

EUR/USD Forecast for May 28, 2025

On Tuesday, the euro underwent a technical correction from the resistance level 1.1420. On the same day, gold declined by 1.14%, WTI crude oil by 0.44%, and government bond yields

Laurie Bailey 05:08 2025-05-28 UTC+2

GBP/USD Forecast for May 28, 2025

On Tuesday, the British pound hesitated to enter the narrow wedge between the price channel line and the target level 1.3635. In the context of a 0.42% strengthening

Laurie Bailey 05:08 2025-05-28 UTC+2

USD/JPY Forecast for May 28, 2025

Yesterday, the USD/JPY pair posted solid growth—0.90% or 149 pips—on the back of a 0.42% strengthening of the U.S. dollar index. As a result, the price is now trading above

Laurie Bailey 05:08 2025-05-28 UTC+2

EUR/JPY. Current Market Situation and Forecast

Today, the EUR/JPY pair is attracting buyers after declining during the Asian session to the key 162.00 level. From a technical standpoint, oscillators on both the hourly and daily charts

Irina Yanina 19:28 2025-05-27 UTC+2

Trading Signals for GOLD (XAU/USD) for May 27-29, 2025: buy above $3,281 (6/8 Murray - 21 SMA)

On the other hand, if gold maintains bullish momentum, the price could break above resistance at 3,330, and then we could expect a new bullish sequence, potentially reaching 3,437

Dimitrios Zappas 18:33 2025-05-27 UTC+2

Trading Signals for EUR/USD for May 27-29: sell below 1.1350 (21 SMA - 7/8 Murray)

If the euro breaks the uptrend channel, we could expect a drop towards the 200 EMA located at 1.1230 and could even reach the gap it left

Dimitrios Zappas 18:31 2025-05-27 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

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?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

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 InstaForex anyway.

We are sorry for any inconvenience caused by this message.