আরও দেখুন
18.06.2024 05:17 PM
Early in the American session, Gold is trading around 2,324.83 bouncing after having reached a low of around 2,306. The price is now reaching a resistance zone that coincides with the 200 EMA around 2330.
On the H4 chart, we can see that gold is trading within a symmetrical triangle pattern. The metal will likely trade within this pattern in the coming hours and we could expect bearish pressure below 2,330.
In case the XAU/USD trades within the symmetrical triangle pattern and if a technical correction occurs, we could expect a technical bounce of around 2,308 or 2,312. So, we could look for opportunities to buy and sell.
A sharp break of this symmetrical triangle pattern could favor a positive outlook as we see that the eagle indicator is showing a positive signal. Bullish momentum will be confirmed provided that gold consolidates above 2,330 (200 EMA).
On the contrary, a drop and a close below 2,310 on the H4 chart could mean a bearish acceleration. Therefore, gold could fall to the psychological level of 2,300 and even reach the June 7 low of around 2,287.
We must take into account the key levels of 2,330 and 2,312. These levels could offer us some points to sell and buy since gold has been consolidating for almost more than a week. Thus, the odds are there will probably be a sharp break in the coming days.
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.
