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29.05.202515:58 Forex Analysis & Reviews: Trading Signals for GOLD for May 29-30, 2025: sell below $3,317 (7/8 Murray - 21 SMA)

Exchange Rates 29.05.2025 analysis

Early in the American session, gold is trading around 3,314 with a strong technical rebound originating after reaching the 50% Fibonacci retracement. Gold rose sharply after testing the 200 EMA support located at 3,256.

Gold could continue rising in the coming hours but should break the top of the downtrend channel around 3,317. If this scenario occurs, it could continue to reach the top of the main downtrend channel around 3,335.

Should gold fail to break above and break below 3,317, this could be seen as an opportunity to sell, as a technical correction could be expected. Gold could reach 6/8 Murray at 3,281, and could even cover the gap it left on May 16, around 3,198.

Technically, gold is seen as overbought, however, a technical correction is likely in the coming hours, and this could be seen as an opportunity to sell below 3,335.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Dimitrios Zappas,
Analytical expert of InstaSpot
© 2007-2025
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