Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
Gold is trading around $4,312, pulling back after reaching the upper band of the downtrend channel, which coincided with the 6/8 Murray line. On the H4 chart, we can see that XAU/USD reached its high on June 8 and then began a strong downtrend in the following days.
If, in the coming hours, there is a pullback toward the upper band of the downtrend channel at $4,350 and the price fails to consolidate above the 6/8 Murray line, this zone could be considered an opportunity to open short positions with targets at the 21 SMA, located around $4,209.
We can see on the H4 chart that gold left a gap at the opening of this week's trading, and it is likely to fall in the coming days and fill this gap around $4,220.
This gap would give us a clear signal for a bearish strategy, so we must be cautious and monitor whether the price remains below the 6/8 Murray level. Any technical rebound would then be seen as an opportunity to open short positions.
A consolidation above $4,368 could signal a new bullish trend for gold, and we could expect it to reach the 200 EMA around $4,471 and potentially even hit the 7/8 Murray line around $4,687.
If the price consolidates below $4,209 (21 SMA) in the coming days, the scenario could change, and we might expect a pullback toward the 5/8 Murray level around $4,062. Gold could even reach the lower band of the downtrend channel around $3,935.
Given that the Eagle indicator is showing a positive signal, we could expect a correction toward the 21 SMA to resume long positions with targets at the 6/8 Murray level and ultimately at the 200 EMA around $4,471.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
