empty
 
 
05.12.2022 06:15 AM
Trading Signal for Gold (XAU/USD) on December 05-06, 2022: sell in case of pullback at 1,807-1,812 (+2/8 Murray - overbought)

This image is no longer relevant

Early in the European session, Gold (XAU/USD) is trading around 1,798.81 with a bullish bias and it is likely that it could reach the August 10 high at about 1,807.

Last week's US Non-Farm Payrolls (NFP) report showed that the economy added 263,000 new jobs in November, above the consensus of 200,000.

At the moment of knowing this data, the market reacted in favor of the dollar, which caused a fall in gold towards the area of 1,780. The market expects the Fed to soften its monetary policy in the short term. Thus, the market reacted against it and stopped taking refuge in the dollar, which benefited gold.

Gold is likely to face a strong barrier this week, as it has strong resistance between the area of 1,807-1,812.

According to the daily chart, we can see that gold is reaching extremely overbought levels, so we expect gold to have a strong rejection around the area of 1,807 - 1,812. The last barrier around 1,812 is located +2/8 Murray and acts as strong resistance and also represents the high for the month of June.

In case gold falls below 1,812-1,807, we could have an opportunity to sell, with targets at 1,781 (+1/8 Murray) and the 200 EMA located at 1,760 (200 EMA).

On the daily chart, we can see that gold has been trading within an uptrend channel since November 19. The metal is likely to find resistance around 1,810 and the price could fall towards the support zone of 1,750. In case this scenario occurs, gold could find a technical bounce around the 8/8 Murray and then resume its bullish bias.

Our trading plan for the next few hours is to wait for gold to reach resistance levels around 1,807-1,812 and wait for a consolidation to occur below this level to sell, with targets at 1,781 and 1,760. The eagle indicator is showing an extremely overbought signal which supports our bearish strategy.

Dimitrios Zappas,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 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.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $8000 अधिक!
    में मार्च हम आकर्षित करते हैं $8000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 100% बोनस
    अपनी जमा राशि पर 100% बोनस प्राप्त करने का आपका अनूठा अवसर
    बोनस पायें
  • 55% बोनस
    अपनी प्रत्येक डिपॉजिट पर 55% बोनस के लिए आवेदन करें
    बोनस पायें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback