FX.co ★ Trading Signals for GOLD (XAU/USD) for August 8-10, 2024: sell if pullback at $2,424 or buy above $2,406 (200 EMA - symmetrical triangle)

Early in the American session, gold is trading at about 2,406, above the 21 SMA, and above the 200 EMA, showing a positive signal. It could gain momentum above 5/8 Murray. It might reach the high of August 5 around 2,417 and even the weekly resistance at 2,324.

If gold continues to rise, we could look for opportunities to buy above the 5/8 Murray located at 2,406 with targets at 2,417 and 2,424 as the instrument is technically producing a bullish signal.

On the contrary, if gold pulls back towards the symmetrical triangle pattern that was broken around 2,399, we could expect a technical bounce to occur and it could be seen as an opportunity to buy. This outlook will be valid as long as gold consolidates above the psychological level of $2,400.

Should the bullish momentum prevail, we could expect gold to reach a strong resistance zone around 2,424. This level could be key and we could expect a technical correction to occur there. Should gold fail to consolidate above 2,425, it will be seen as an opportunity to sell.