FX.co ★ Trading Signal for GOLD (XAU/USD) on September 13-14, 2023: buy above $1,911 (2/8 Murray - 21 SMA)

Early in the American session, gold is trading around 1,912.29 (XAU/USD), bouncing having hit a low at 19,05.42 due to inflation data released in the United States.

The slight increase in US inflation data could further aggravate investors' fears and keep gold under downward pressure in the short term. However, the bears will take a break. So, gold is expected to reach the resistance zone of 1,922 or even 1,937 in the next few days. Both levels could be seen as a signal to sell in the short term, with the target at the psychological level of 1,900.

Gold is now consolidating above 2/8 Murray and remains within the downtrend channel formed since the end of August. Gold is likely to continue its rebound in the next few hours and it could reach the 200 EMA located at 1,922 and 3/8 Murray, both are interlaced in the same area.

On the other hand, in case a sharp break occurs above the bearish trend channel and the price consolidates around 1,924, the short-term outlook will be positive and the metal could reach 4/8 Murray located at 1,937. If the bullish force prevails, gold could return to the levels of August 31 around 1,953 (5/8 Murray).

In the next few hours, gold is expected to consolidate above 1,911, where the 21 SMA is located, which could encourage a technical rebound and the price could reach 1,923, a level that coincides with the top of the bearish trend channel.

The eagle indicator is giving a positive signal. However, as long as gold consolidates above 2/8 Murray located at 1,906, any retracement in the coming days will be seen as a signal to buy above in this area.