FX.co ★ Trading Signals for GOLD for July 19-23: buy above $2,395 (5/8 Murray - rebound)

Early in the American session, Gold is trading around the psychological level of 2,400 and under a strong bearish trend. Yesterday after breaking the symmetrical triangle, the precious metal fell below 2,460, printing a loss of more than $60. So, the metal is expected to rebound in the coming days.

We believe that gold could bounce above the weekly pivot at 2,395 in the coming hours, which could offer a good opportunity to buy since technically, the price has reached the extremely oversold zone on the H1 chart.

We could expect a technical rebound in gold. For this, we will look for opportunities to buy above 2,495 (W_Pivot) with targets at 2,405 and 2,420.

Given that gold could continue its fall next week and could reach 4/8 Murray at 2,375, we should look for opportunities to sell after the technical rebound only if gold trades below 2,420 or 2,432.