FX.co ★ Trading Signals for GOLD (XAU/USD) for September 11-13, 2024: buy above $2,507 (21 SMA - 8/8 Murray)

Gold (XAU/USD) is trading around 2,506.68 early in the US session, bouncing back after negative US inflation figures, which helped gold fall from 2,523 to 2,503. We are now watching a technical bounce as gold retains its bullish trend.

In case XAU/USD consolidates above the 21 SMA at about 2,507 in the next few hours, the price is expected to reach 2,521, 2,529 and finally, it could reach +1/8 of Murray located at 2,539.

With a sharp break of the uptrend channel, the metal could reach the 200 EMA located around 2,475 and finally, it could reach 7/8 Murray around 2,460.

The Eagle indicator is showing a positive signal. So, if the instrument trades above 2,507 or above 2,503, we will look for buying opportunities with the target at 2,539. A drop below 2,500 could change our positive outlook.