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,
Chuyên gia phân tích của InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    THAM GIA CUỘC THI
  • Tiền gửi lần truy cập
    Ký quỹ tài khoản của bạn với $3000 và nhận được $8000 nhiều hơn!
    Trong Tháng 3 chúng tôi xổ $8000 trong chiến dịch Chancy Deposit!
    Có được một cơ hội giành chiến thắng bằng việc ký quỹ $3000 vào một tài khoản giao dịch. Đáp ứng được điều kiện này, bạn trở thành một người tham gia chiến dịch.
    THAM GIA CUỘC THI
  • Giao dịch khôn ngoan, thành công
    Nạp tiền vào tài khoản của bạn với ít nhất $ 500, đăng ký cuộc thi và có cơ hội giành được các thiết bị di động.
    THAM GIA CUỘC THI
  • 100% tiền thưởng
    Cơ hội duy nhất của bạn để nhận 100% tiền thưởng khi gửi tiền
    NHẬN THƯỞNG
  • 55% Tiền thưởng
    Đăng ký tiền thưởng 55% cho mỗi lần gửi tiền của bạn
    NHẬN THƯỞNG
  • 30% tiền thưởng
    Nhận 30% tiền thưởng mỗi khi bạn nạp tiền vào tài khoản của mình
    NHẬN THƯỞNG

Recommended Stories

Technical analysis of EUR/USD for March 23, 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 17:28 2023-03-23 UTC+2

Forecast for EUR/USD on March 23, 2023

On Wednesday, the EUR/USD pair kept on rising and managed to remain above the corrective level of 200.0% (1.0861), moving above the trend channel. The growth can now be carried

Samir Klishi 16:50 2023-03-23 UTC+2

March 23, 2023 : EUR/USD daily technical review and trading opportunities.

The price level of 1.0800 remained a significant resistance level to offer SELL opportunities until the current upside movement was expressed. The next target is located around 1.1000 where

Mohamed Samy 16:45 2023-03-23 UTC+2

March 23, 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 16:42 2023-03-23 UTC+2

March 23, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The GBPUSD bulls failed to record a new high above 1.2200. Instead, a descending high was established around the same price level. Bearish pullback pursued towards the price levels

Mohamed Samy 16:41 2023-03-23 UTC+2

On Wednesday and Thursday, the GBP/USD pair continued to increase, and today it was trading near the level of 1.2342, according to the hourly chart. The US dollar's rebound from

Samir Klishi 16:16 2023-03-23 UTC+2

Trading Signal for GBP/USD for March 23 - 24, 2023: sell below 1.2329 (5/8 Murray - correction)

The pivot point is located at 1.2268. In case the British pound approaches this level in the next few hours, it could offer a technical rebound. With this price action

Dimitrios Zappas 15:02 2023-03-23 UTC+2

Trading Signal for GOLD (XAU/USD) for March 23 - 24, 2023: sell below $1,978 or in case of pullback at $1,987 (7/8 Murray - strong resistance)

Since March 17, the Eagle indicator has been giving oversold signals. In case there is a technical rebound and if gold trades below 1,987, it will be considered an opportunity

Dimitrios Zappas 14:43 2023-03-23 UTC+2

Video market update for March 23, 2023

Potetnial downside movement on teh Gold

Petar Jacimovic 09:44 2023-03-23 UTC+2

Forex forecast 03/23/2023 GBP/USD, EUR/CHF and USD/TRY from Sebastian Seliga

Let's take a look at the technical picture of GBP/USD, EUR/CHF and USD/TRY ahead of the interest rate decisions

Sebastian Seliga 09:41 2023-03-23 UTC+2
Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.