empty
06.02.2024 07:09 AM
Trading Signals for GOLD (XAU/USD) on February 6-8, 2024: sell below $2,030 (5/8 Murray - 200 EMA)

This image is no longer relevant

Early in the European session, Gold is trading around the 2,025, below the 200 EMA, and below the 3/8 Murray. On the H4 chart, we can see that XAU is under bearish pressure and is likely to continue its fall in the coming hours and could reach the psychological level of $2,000.

The FED Chairman's comments ruled out the chances of an interest rate cut in March, which stimulates the risk version. This favors the US dollar and, in turn, has caused a sharp drop in the price of gold. The metal is likely to continue its fall in the coming days.

US Treasury yields have a strong technical inverse correlation with gold. We note that this week, Treasury yields are rising. The benchmark 10-year Treasury yields are trading around 4.18%. If this trend continues, gold could reach the psychological level of $2,000 and could even break this zone and drop to the low of December 13 at 1,973.

In case gold tries to continue rising in the next hours, the instrument will have to face the strong resistance at 2,030 where the 200 EMA and the bottom of the uptrend channel that was broken around 2,033 is located.

In case gold tries to break 2,030 and if it fails to consolidate above this area, it will be seen as a signal to sell. Then, it could resume its bearish cycle and reach 2,015, 2,009 and finally, 4/8 Murray around $2,000.

On the contrary, if gold consolidates above 2,033 (5/8 Murray), it could start a new bullish cycle and could reach 2,039 (21 SMA). Finally, the price could approach the key level of 2,053.

Technically, gold is under strong bearish pressure. So, any technical bounce as long as it trades below 2,040 will be seen as a signal to sell. The metal is likely to reach the $2,000 area in the next few days.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

USD/JPY. Analysis and Forecast. Current Market Situation

From a technical perspective, as bulls have overcome the barrier of the 100-day Simple Moving Average (SMA) around the 146.80 level, they remain in control. Buying beyond the psychological level

Irina Yanina 17:53 2025-06-23 UTC+2

Trading Signals for EUR/USD for June 23-28, 2025: buy above 1.1460 (21 SMA - 6/8 Murray)

On the contrary, this area around the 21SMA, located at the psychological level of 1.15, is key. Below this area, we could expect a sharp breakout of the uptrend channel

Dimitrios Zappas 16:34 2025-06-23 UTC+2

Trading Signals for GOLD (XAU/USD) for June 23-28, 2025: buy above $3,350 (21 SMA - 7/8 Murray)

If gold continues its recovery and settles above the 21 SMA at 3,364, this could be seen as a buying opportunity with targets at 8/8 Murray at 3,437. The metal

Dimitrios Zappas 16:23 2025-06-23 UTC+2

Forex forecast 23/06/2025: EUR/USD, GBP/USD, USDX, Oil, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 12:08 2025-06-23 UTC+2

Technical Analysis for the Week of June 23–28: GBP/USD Currency Pair

Last week, the pair moved downward and tested the 14.6% pullback level at 1.3392 (red dashed line), after which the price rebounded and closed the weekly candle at 1.3446

Stefan Doll 11:38 2025-06-23 UTC+2

Technical Analysis for the Week of June 23–28: EUR/USD Currency Pair

Last week, the pair moved downward and tested the 76.4% pullback level at 1.1452 (red dashed line), after which the price rebounded and closed the weekly candle at 1.1520

Stefan Doll 11:31 2025-06-23 UTC+2

Forecast for EUR/USD on June 23, 2025

On Friday, the EUR/USD pair continued to rise after rebounding from the 76.4% corrective level at 1.1454. However, on Monday night, the pair returned to this level. A new rebound

Samir Klishi 11:24 2025-06-23 UTC+2

Forecast for GBP/USD on June 23, 2025

On the hourly chart, the GBP/USD pair on Friday consolidated below the support zone of 1.3425–1.3444, once again allowing for the expectation of a continued decline toward the support level

Samir Klishi 11:19 2025-06-23 UTC+2

Technical Analysis of Daily Price Movement of USD/IDR Exotic Currency Pairs, Monday June 23, 2025.

16473.27 Currently on the Daily chart, the Exotic USD/IDR currency pair has a Bullish 123 pattern which indicates that USD/IDR is currently strengthening, where this is also confirmed

Arief Makmur 07:29 2025-06-23 UTC+2

Technical Analysis of Intraday Price Movement of Crude Oil Commodity Instrument, Monday June 23, 2025.

In addition to the appearance of Divergence between the price movement of Crude Oil and the Stochastic Oscillator indicator on the 4-hour chart, there is also a Bearish 123 pattern

Arief Makmur 07:29 2025-06-23 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.