FX.co ★ Trading Signals for GOLD (XAU/USD) for November 10-13, 2023: buy above $1,950 (200 EMA - 21 SMA)

Early in the European session, gold was trading around 1,957.72 below the 21 SMA, above the 200 EMA, and above the downtrend channel that was broken yesterday.

Yesterday during the American session, gold bounced off the low of 1,944.81. After finding strong support around the 200 EMA, gold recovered, reaching the 21 SMA located at 1,963.

Currently, during the European session, gold is consolidating and retracing from 1,962. In the next few hours, we expect gold to consolidate above 1,950, which could be seen as a signal to buy.

Additionally, if gold breaks and consolidates above 1,962 (21 SMA), we could expect it to reach 1,968 (7/8 Murray) and it could even return towards 8/8 Murray around the psychological level of $2,000.

Another factor that does not favor gold's rise, apart from the pressure on the dollar, is the easing of fears of a new escalation of the conflict between Israel and Hamas.

Immediate support is found at the 200 EMA located around 1,945. A break below could accelerate its decline to 6/8 Murray at 1,937. A daily close below the latter level will initiate a new downtrend towards the October 16 low at 1,908 and ultimately towards the psychological level of 1,900.