FX.co ★ Trading Signals for GOLD (XAU/USD) for May 9-10, 2024: buy above $2,315 (21 SMA - 5/8 Murray)

Gold is trading around 2,310.05 below the 21 SMA, consolidating above the 200 EMA. The yellow metal could start a strong bullish move if it consolidates above 2,312.

On the H4 chart, we can see that gold showed the exhaustion of the bullish force during the last negotiations and formed a bearish channel. A sharp break could occur above this channel.

On the contrary, if gold fails to consolidate above 2,312, we could expect a technical correction towards 2,295 or towards the bottom of the downtrend channel or towards the 200 EMA around 2,290.

A sharp break above 5/8 Murray (2,312), above the 21 SMA, and a sharp break of the downtrend channel could change the trend of gold and we could look for opportunities to buy above 2,315.

Technically, the eagle indicator is producing a positive signal, but for gold to maintain a strong bullish movement, it should trade above 2,312.