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08.02.2023 03:36 PM
Trading signal for Gold (XAU/USD) on February 8-9, 2023: buy in case of rebound at 1,873 (6/8 Murray - uptrend channel)

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Early in the American session, Gold (21 SMA) is trading around 1,882.53 above the 21 SMA and above 1,875.

On the 1-hour chart, we can see the formation of an uptrend channel. Therefore, any technical bounce at the bottom of this channel will be seen as an opportunity to buy, with targets at the psychological level of 1,900.

At the opening of the weekly session, Gold left a GAP at 1,882 and this was already covered. This could be a clear sign that gold could reach the 1,900 and 1,918 zone again.

On condition of a daily close above 1,903, the instrument forms a strong weekly resistance that could give gold the opportunity to resume its bullish cycle and the price could reach 1,919 and 7/8 Murray at 1,937.

On the downside, in case gold falls and breaks below 1,870, it is expected to resume its bearish cycle. So, the metal could reach 1,849 and lower 5/8 Murray located at 1,812.

The daily pivot point is around 1,873 and this could offer support for the instrument which could resume its bullish cycle. In case gold breaks the downtrend channel and consolidates below 1,870, there is a strong probability that it could fall towards 1,849 and finally towards 1,812 (5/8 Murray).

Our trading plan for the next few hours is to buy gold above 1,873 with targets at 1,885 and 1,902.

Dimitrios Zappas,
Analytical expert of InstaForex
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