empty
 
 
08.11.2024 02:51 PM
Trading Signals for GOLD (XAU/USD) for November 8-13, 2024: buy above $2,684 (200 EMA - 5/8 Murray)

This image is no longer relevant

Early in the American session, gold is trading around 2,689, above the 200 EMA, and below the 5/8 Murray with a slight recovery after a strong technical correction.

On the H4 chart, we can see that after reaching the high of 2,710, gold made a technical correction to the 200 EMA area and since then we have seen a technical rebound.

If gold consolidates above 2,684 in the next few hours, the outlook will remain positive and we could expect the metal to reach 2,795 or even 2,701.

We should pay attention to the 200 EMA area around 2,684. This level could be seen as an opportunity to keep on buying. Above it, gold could continue its bullish bias and even reach the 6/8 Murray level around 2,734 next week.

On the contrary, if the price consolidates below 2,680 on the H4 chart, the outlook could be negative. Therefore, we could expect gold to reach 4/8 Murray at 2,656 again and even reach the low of 2,642.

The eagle indicator is showing a positive signal, so we will look for opportunities to buy above 2,684.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
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
  • 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

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