FX.co ★ Trading Signals for GOLD (XAU/USD) for August 13-16, 2024: sell below $2,455 ( triple top pattern - 7/8 Murray)

Early in the American session, Gold is trading around 2,469 above 7/8 Murray and within the uptrend channel forming since August 6. Gold maintains bullish momentum, but at the same time it could be showing signs of exhaustion. In that case, we should wait for a break below 2,455 for a trend change to be confirmed.

If gold continues to rise, we could look for opportunities to buy above 2,460 with targets at 2,477 and at the 8/8 Murray around the psychological level of $2,500.

We should keep an eye on the price movement. If XAU/USD consolidates below 2,468 in the next hours, the instrument could be preparing for a possible scenario of a trend reversal because a sharp break of the bullish channel could originate a strong technical correction and we could expect gold to reach 6/8 of Murray at 2,437. Finally, the metal could reach the 200 EMA at the psychological level of $2,400.

On the H4 chart, we can see a triple-top pattern. This trend reversal pattern could be confirmed if gold falls below 2,468. Then, we could expect a strong bearish acceleration and gold could reach $2,300 in the medium term.