FX.co ★ Trading Signals for GOLD (XAU/USD) for October 28-31, 2024: buy above $2,730 (21 SMA - 3/8 Murray)

Early in the American session, the XAU/USD is trading around 2,732 where the 21 SMA is located and around 3/8 of Murray with a bullish bias.

This week, gold opened with a bearish gap, reaching the low of 2,724 during the European session. Since then, we have seen a strong technical rebound. However, this gap is still open, which means that gold will probably continue to rise in the next few hours until it reaches Friday's closing price of around 2,747.

If gold consolidates above 2,730 in the next few hours, the outlook still favors a further bullish movement up to 2,747. The metal could even reach the key level of 2,750.

On the contrary, if gold breaks sharply below 2,725, the outlook could be negative and we could expect the price to reach last week's low around 2,704.