empty
 
 
09.01.2024 05:23 PM
Trading Signals for GOLD (XAU/USD) on January 9-12, 2024: buy above $ 2,029 (21 SMA - 200 EMA)

This image is no longer relevant

Early in the American session, gold is trading around 2,034.59, above the 200 EMA, and below the 21 SMA. The metal is under strong bearish pressure but it is consolidating due to oversold levels and showing signs of exhaustion.

In case XAU/USD bounces above 2,029 in the coming hours and consolidates above this level, it could be seen as an opportunity to buy with targets at 2,038 and at the top of the downtrend channel around 2,050.

Since December 22, the eagle indicator since December 22 has been showing negative signals after having reached extremely overbought levels. The price is now approaching oversold levels. So, if gold trades above 2,030 in the coming days, we could expect the price to reach 5/8 Murray at 2,062.

If the bearish force prevails and if gold falls below 2,029 (200 EMA), it could generate a rapid decline as happened on January 8. In the H4 chart, we can see that gold bounced off the bottom of the downtrend channel around 2,016.64. Since then, we have seen a recovery, though another decline could occur.

If this scenario comes true, gold could reach the psychological level of $2,000. This move could also be benefited as an opportunity to buy.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Dimitrios Zappas
Start trade
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 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
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback