FX.co ★ Trading Signals for GOLD (XAU/USD) for September 6-9, 2024: buy above 2,505 (+1/8 Murray - 21 SMA)

Early in the American session, Gold (XAU/USD) is trading around 2,517 with an uptrend above the 21 SMA and above the 200 EMA.

On the H4 chart, we can see that gold has sharply broken the bearish trend channel. Now it is observed that the price could continue its rise in the next few days until it reaches +1/8 Murray located at 2,539 and even climb up to 2,573.

US employment data could generate strong volatility and we expect the precious metal to reach 2,539. Besides, gold could find strong resistance around the highs around 2,528 that gold has been testing since August 20.

A pullback towards 2,528 or 2,539 could be seen as an opportunity to sell as technically, this area offers strong resistance and gold could encounter a strong rejection.

On the other hand, in case of a technical correction, gold is expected to consolidate above the psychological level of 2,500 or around 2,505, which could be seen as an opportunity to buy with the target at 2,539.