REDATOR Ben Graham Posted February 10 REDATOR Report Share Posted February 10 Gold is trading around $5,040 above the 8/8 Murray and above the 21 SMA with a bullish bias, though showing signs of exhaustion.Gold could continue its rise in the coming days and reach the + 1/8 Murray around $5,312. This level could be seen as a point to resume short positions.As long as the price of gold consolidates above $4,800, any pullback towards this zone could be seen as a point to buy, as gold is moving within the uptrend channel formed since January 30. Therefore, gold is likely to continue rising in the coming days.A sharp break of the uptrend channel and a fall below the 200 EMA could lead to a return to 6/8 Murray around $4,375.If gold retreats towards the 21 SMA located at $4,939 in the coming hours, we could expect this level to coincide with the daily S_1 support, which in turn could allow us to resume long trades.The Eagle indicator is showing a negative signal, but it has fallen to oversold levels, so gold is likely to continue rising in the coming days and is expected to reach the $5,300 target.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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