empty
08.02.2024 04:49 PM
Trading Signals for GOLD (XAU/USD) on February 8-10, 2024: buy in case of rebound at $2,020 (21 SMA - rebound)

This image is no longer relevant

Gold is trading around 2,026.22 with a sharp drop below the 21 SMA and 200 EMA. Both moving averages are located at the same level of 2,030. This strong technical correction in gold could mean that a strong bearish acceleration could occur in the next few days, but first, the instrument should face the support located at 2,020.

In case gold bounces around 2,020, it could offer an opportunity to buy and its price could reach 2,030 and 2,037. These levels have now become strong resistance. Below this level, the bearish cycle is likely to resume and gold could reach 4/8 Murray around $2,000 in the next few days.

If gold continues to fall in the next hours, we should wait for the 2,020 area to buy only in case the metal trades above this zone. Then, we anticipate a technical rebound with targets at 2,030 and 2036 (daily pivot point).

On the other hand, in case gold breaks below the 2,019 low, a bearish acceleration could occur and the price could reach the February 5 low around 2,015 and even $2,000.

Plotting the Fibonacci indicator, we observe that the gold retraced to 61.8% at 2,045 and from there resumed its fall, which indicates that the XAU could continue its slide in the next few days.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Forecast for March 24, 2025

Last Friday, EUR/USD pierced the 23.6% Fibonacci retracement level with a lower shadow and then sharply reversed to the upside, continuing to rise into Monday morning. The Marlin oscillator appears

Laurie Bailey 04:20 2025-03-24 UTC+2

GBP/USD Forecast for March 24, 2025

By Monday morning, the British pound had turned upward without reaching the target range of 1.2816/47, and the Marlin oscillator had also reversed to the upside without reaching the boundary

Laurie Bailey 04:20 2025-03-24 UTC+2

USD/JPY Forecast for March 24, 2025

On Friday, the USD/JPY pair followed an alternative scenario. A price reversal occurred at the very last moment — just before the Marlin oscillator entered the downtrend territory. The price

Laurie Bailey 04:20 2025-03-24 UTC+2

Trading Signals for EUR/USD for March 21-24, 2025: buy above 1.0810 (+1/8Murray - rebound)

Our medium-term forecast remains bearish. So, any technical rebound will be seen as a signal to sell with a medium-term target at about 1.0361, the level where the instrument left

Dimitrios Zappas 13:22 2025-03-21 UTC+2

Trading Signals for GOLD (XAU/USD) for March 21-24, 2025: buy above $3,026 (7/8 Murray - 61.8%)

The Eagle indicator is reaching oversold levels. So, we believe that gold could resume its bullish cycle in the coming days. For this, we should expect consolidation above the psychological

Dimitrios Zappas 13:04 2025-03-21 UTC+2

Forex forecast 21/03/2025: EUR/USD, GBP/USD, USD/JPY, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 12:15 2025-03-21 UTC+2

Forex forecast 19/03/2025: EUR/USD, USD/JPY, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 12:14 2025-03-21 UTC+2

Forecast for EUR/USD on March 21, 2025

On Thursday, the EUR/USD pair continued its decline and closed below the 200.0% Fibonacci retracement level at 1.0857. This suggests that the downward move may continue toward the support zone

Samir Klishi 11:02 2025-03-21 UTC+2

Forecast for GBP/USD on March 21, 2025

On the hourly chart, the GBP/USD pair on Thursday dropped to the 1.2931 level, rebounded from it, saw a slight rise, and returned to 1.2931 again on Friday morning

Samir Klishi 10:52 2025-03-21 UTC+2

EUR/USD and GBP/USD March 21 – Technical Analysis

The pair failed to break through the resistance levels of the weekly (1.0948) and monthly (1.0943) Ichimoku clouds, retreating to the support cluster zone across multiple timeframes (1.0819–1.0856)

Evangelos Poulakis 06:25 2025-03-21 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

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?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

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 InstaForex anyway.

We are sorry for any inconvenience caused by this message.