empty
 
 
02.05.2024 04:12 PM
Trading Signals for GOLD (XAU/USD) for May 2-4, 2024: buy above $2,280 (200 EMA - symmetrical triangle)

This image is no longer relevant

Gold is trading around 2,287.62, above the 200 EMA, and within a symmetrical triangle pattern forming since April 16. Yesterday, gold reached the 2,230 area, it tried to break this downtrend channel but failed. Since then, we observed a strong technical correction. Today the metal is expected to find good support around 2,287 in the next few hours or above 2,280.

The symmetrical triangle pattern could offer a good opportunity for a bullish move in either direction. A break above 2,330 could accelerate the bullish movement and gold could reach the 2,392 area, where it left a gap on April 18.

With a decline and consolidation below 2,283, we could expect gold to resume its bearish cycle. So, the price could reach 2,250 and the psychological level of 2,200.

Technically, since May 1, gold has reached the extremely oversold zone. Therefore, the metal is expected to have a technical rebound in the coming days. So, we will look for opportunities to buy above 2,283 and in case the price is rejected around 2,313. This could be seen as a signal to sell.

If we operate within the symmetrical triangle pattern, we could look for opportunities to buy at support and sell at resistance. Outside of this pattern, we should pay attention to the trend that the instrument follows.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Junio, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback