FX.co ★ Trading signals for GOLD (XAU/USD) on February 24-25, 2022: buy if it breaks $1,914 (uptrend line)

At the beginning of the Asian session, gold is trading at 1,914 with a strong bullish trend. It is likely that in the next few hours it will reach the top of the uptrend channel at 1,933 and 1,937.

The uptrend is expected to face a barrier at 1,937 and from there it may make a technical correction to the 21 SMA at 1,903.

In case the bullish force continues, the 7/8 Murray zone located at 1,968 could offer a stop and then correct and resume the uptrend later on.

Market sentiment worsens on news from Ukraine as several government websites are offline following a DDoS attack blamed on Russia.

Wall Street turned lower reflecting that fear is increasing which has caused investors to take refuge in gold.

A technical correction below 6/8 Murray will be an opportunity to sell with targets at 1,903. The indicator is giving a positive signal. It is likely that it supports the bullish force and could go up to the level 1,950 and 1,968 (7/8).

Our trading plan for the next few hours is to buy at current levels (1,914) or wait for gold to pullback at 1,937 to sell.

Support and Resistance Levels for February 24 - 25, 2022

Resistance (3) 1,950

Resistance (2) 1,937

Resistance (1) 1,923

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Support (1) 1,906

Support (2) 1,895

Support (3) 1,881

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Scenario

Timeframe H1

Recommendation: buy above

Entry Point 1,814

Take Profit 1,933; 1,937

Stop Loss 1,909

Murray Levels 1,937 (6/8), 1,906(5/8)

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