empty
 
 

Forex Analysis & Reviews: Trading Signal for GOLD (XAU/USD) on August 15 - 16, 2022: sell if breaks 1,785 (21 SMA - uptrend)
time 15.08.2022 06:31 AM
time Relevance up to, 20.08.2022 06:31 AM

This image is no longer relevant

Early in the European session, gold (XAU/USD) was trading above the 21 SMA located at 1,793 and above the 200 EMA located at 1,763. We can see that gold is trading within an uptrend channel formed on July 26.

Last week, XAU/USD consolidated in the range of 1,781-1,807. On the other hand, lower US inflation data pushed US bond yields lower. Despite this gold failed to break the resistance zone of 1,812. (6/8 Murray).

If XAU/USD breaks above 6/8 Murray at 1,812, traders could expect gold to hit the resistance zone at 1,843 (7/8). Otherwise, if the price of gold continues below the psychological level of $1,800, the price may move to the 200 EMA at 1,773 and even fall to 4/8 Murray and 1,750.

Recent comments from several Fed officials indicate that the US central bank will continue to tighten its monetary policy. An interest rate hike of 50 basis points is expected in September. This data could limit the rise of gold and could exert downward pressure on the price to push towards support levels of 1,718.

Since the August 1, gold has been giving a negative divergence signal. If XAU/USD fails to break the strong resistance of 6/8 Murray located at 1812, a correction towards 4/8 Murray at 1,750 is likley to occur.

Our trading plan for the next few hours is to buy if there is a technical bounce around the uptrend channel or above the 21 SMA located at 1,793, targeting 1,800 and 1,812.

Conversely, a sharp break below the trend channel formed on the 4-hour chart and a close below 1,785 could be a clear signal to sell with targets at 1,773 and 1,750.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2023
Silver
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Technical analysis of EUR/USD for January 28, 2023

The bullish bias will be suggested for today, supported by the EMA100 that carries the price from above, taking into consideration that breaking 1.0819 will stop the expected rise

Mourad El Keddani 18:53 2023-01-28 UTC+2

January 27, 2023 : EUR/USD daily technical review and trading opportunities.

The market has remained under buying pressure until a plateau level occurred around the key-zone around 1.0800-1.0750. In the mean time, any downside movement towards 1.0300 should be watched

Mohamed Samy 20:51 2023-01-27 UTC+2

January 27, 2023 : EUR/USD Intraday technical analysis and trading plan.

Price action around the key-level of (1.0550-1.0600) was quite bullish. That's why, further bullish continuation towards 1.0800 was demonstrated. Moreover, more bullish advancement towards the nearest supply zone around 1.1150-1.1200

Mohamed Samy 20:51 2023-01-27 UTC+2

January 27, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

Price action around 1.2340 was being watched for bearish rejection and a short-term SELL Entry. It was running in profits until the current bullish bounce has been expressed. Please take

Mohamed Samy 20:50 2023-01-27 UTC+2

AUD/USD: uptrend seems over

The AUD/USD pair registered strong growth but has now dropped below the uptrend line signaling that the upside movement ended and that the sellers could drag it lower. The uptrend

Ralph Shedler 18:42 2023-01-27 UTC+2

Technical analysis of GBP/USD for January 27, 2023

The bullish trend is currently very strong for the GBP/USD pair. As long as the price remains above the weekly support at 1.2260, you could try to take advantage

Mourad El Keddani 18:05 2023-01-27 UTC+2

Trading Signal for GBP/USD for January 27 - 30, 2023: buy above 1.2370 (21 SMA - bearish channel)

In case the British pound falls and trades below the 21 SMA located at 1.2361, there is a strong probability that it could fall and reach the bottom

Dimitrios Zappas 17:16 2023-01-27 UTC+2

USDJPY vulnerable to another sell off.

USDJPY remains in a bearish trend. Price continues making lower lows and lower highs in the medium- term downward sloping red channel. Price recently got rejected at the upper channel

Alexandros Yfantis 14:50 2023-01-27 UTC+2

EUR/USD: Technical analysis on January 27, 2023. American economy shows impressive growth

Hello, dear traders! Yesterday, EUR/USD reversed and fell to the 200.0% retracement level of 1.0869 in the 1-hour time frame. In case of a rebound from this level, the quote

Samir Klishi 10:36 2023-01-27 UTC+2

Analysis of GBP/USD on January 27. GBP on roller coaster ride

Hi everyone! On the 1H chart, the GBP/USD pair declined to 1.2342 yesterday. Shortly after, it rebounded from it this level to 1.2432. However, the US dollar managed to regain

Samir Klishi 10:29 2023-01-27 UTC+2
Can't speak right now?
Ask your question in the chat.