23.03.2023 03:43 PM
Early in the American session, Gold (XAU/USD) is trading around 1,978.39 above the 21 SMA and below the $2,000 psychological level.
Yesterday, gold started a strong rebound from the 1,935 low (6/8 Murray) towards the 1,980 zone. It has been a strong recovery of more than $45 which would indicate that the bullish trend still prevails.
In case of a further rise, the instrument could break the weekly resistance located at 1,987 and then it could again rebound to the psychological level of $2,000.
On the other hand, the technical indicators show that XAU/USD is overbought and we could expect a technical correction in the next few hours towards the support zone of 1,964 (21 SMA) or the daily pivot point located at 1,960.
In case gold climbs above 1,960, it could be considered a signal to buy with targets at 1,975, 1,987 and ultimately the psychological level of $2,000.
On the contrary, a sharp break below 1,960 could mean the resumption of bearish pressure and the instrument could already reach the support of 1,937 (6/8 Murray) and could fall towards the zone of 5/8 Murray located at 1,906 and could even reach the psychological level of 1,900.
Since March 17, the Eagle indicator has been giving oversold signals. In case there is a technical rebound and gold trades below 1,987, it will be considered an opportunity to sell.
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?
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 InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
