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Forexmart's Market Analysis section provides up-to-date information about the financial market. The overviews are intended to give you an insight into current trends, financial forecasts, global economic reports, and political news that influence the market.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Trading Signals for GOLD (XAU/USD) for September 27-30, 2024: sell below $2,675 (6/8 Murray - fractals)
10:20 2024-09-27 UTC--4
Exchange Rates analysis

Early in the American session, Gold (XAU/USD) traded around 2,661, consolidating around 6/8 Murray since September 23 and showing signs of exhaustion.

Gold is at a decisive point around the 21 SMA and within the uptrend channel. Therefore, a technical bounce is expected in the next few hours and the metal could reach the resistance at 2,675.

In case gold tries to break 2,675 and fails to consolidate above this zone, it could be seen as an opportunity to sell with targets at 2,660 and 6/8 Murray at about 2,656.

Additionally, a sharp break of the bullish channel and a consolidation below 2,656 (6/8 Murray) could cause a strong change in trend and gold could reach 5/8 Murray at 2,578 and finally the 200 EMA around 2,547 in the next few days.

Our trading plan for the next few hours is to sell gold only if it consolidates below the fractals formed around 2,675. The Eagle indicator is giving a negative signal which supports our bearish strategy.

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.