FX.co ★ Trading Signals for GOLD (XAU/USD) on February 9-12, 2024: sell below $ 2,031 (200 EMA - 5/8 Murray)

Early in the American session, Gold (XAU/USD) is trading around 2,030.09, below the 21 SMA, and below the 200 EMA. On the H4 chart, we can see that gold has tried to break the downtrend channel forming since January 30. As the metal failed, we observe that it is resuming its bearish cycle.

If gold trades below 2,031 in the coming hours, it could continue to fall and reach the key support of 2,020, 2,015 and finally, the psychological level of $2,000.

On the other hand, if Bitcoin breaks sharply and consolidates above 2,035, we could revise our strategy because gold is likely to reach 2,046 and finally 6/8 of Murray at 2,062.

Gold could find good support around 2,020, giving it a new bullish momentum. The metal could try to break the 2,035 level again. If this scenario occurs, we can buy gold above 2,020 with targets at 2,046 and 2,062.

If gold breaks all the supports, both 2,020 and 2,015, then a strong bearish acceleration could occur and the price could reach the psychological level of $2,000.

Our outlook for the next few days is to sell gold below 2,031. This level is the key because it acted as a pivot pointon previous occasions. Therefore, we can use this area as a key point to sell. On the contrary, we could buy in case gold breaks above this area.