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

EUR/USD. July 3rd. The Most Important Day of the Week

On Wednesday, the EUR/USD pair rebounded from the 1.1802 level, reversed in favor of the U.S. dollar, and showed a slight decline. However, by Thursday morning, the pair had returned

Samir Klishi 12:10 2025-07-03 UTC+2

GBP/USD. The Sterling May Stop Receiving Support

As previously mentioned on multiple occasions, the strength of the major currencies traded against the U.S. dollar on the foreign exchange (Forex) market was based solely on the fundamental weakness

Pati Gani 11:27 2025-07-03 UTC+2

Forex forecast 03/07/2025: EUR/USD, USD/JPY, GBP/USD, SP500, Gold 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 10:57 2025-07-03 UTC+2

Forecast for GBP/USD on July 3, 2025

On the hourly chart, the GBP/USD pair on Wednesday rebounded from the 200.0% retracement level at 1.3749, reversed in favor of the U.S. dollar, and fell below the support zone

Samir Klishi 10:03 2025-07-03 UTC+2

If Crude Oil manages to break below the Pivot level, it has the potential to test its nearest Support level, Thursday, July 03, 2025.

Crude Oil, Thursday, July 03, 2025. Poor global economic conditions such as the stagnation of Chinese & European manufacturing have triggered concerns about global Crude Oil demand and expectations

Arief Makmur 07:36 2025-07-03 UTC+2

The Nasdaq 100 index has the potential to test its closest Resistance level, Thursday, July 03, 2025.

Nasdaq 100 Index, Thursday, July 03, 2025. Positive Big Tech Company financial reports and the increasingly strong rumors of the Fed's Dovish policy and the rise of AI innovation have

Arief Makmur 07:36 2025-07-03 UTC+2

EUR/AUD Forecast for July 3, 2025

On the daily chart, the EUR/AUD pair is moving sideways in the upper half of the price channel and above the MACD indicator line. The signal line of the Marlin

Laurie Bailey 06:33 2025-07-03 UTC+2

EUR/USD Forecast for July 3, 2025

Ahead of today's U.S. employment data release for June, the euro consolidated near the price channel line on the daily chart. The long lower shadow of the candlestick suggests that

Laurie Bailey 05:11 2025-07-03 UTC+2

GBP/USD Forecast for July 3, 2025

By the end of yesterday, the British pound had lost 108 pips. Although the reason was not the anticipation of today's U.S. employment data, but rather domestic political turmoil, this

Laurie Bailey 05:11 2025-07-03 UTC+2

Silver Forecast for July 3, 2025

After two days of intense struggle (Monday and Tuesday) between the bulls and bears along the price channel line amid heightened volatility, yesterday we saw the outcome — the bulls

Laurie Bailey 05:11 2025-07-03 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.