empty
02.02.2024 06:41 AM
Trading Signals for GOLD (XAU/USD) on February 2-6, 2024: sell below $2,062 (6/8 Murray - 200 EMA)

This image is no longer relevant

Gold is trading around 2,053.35, below 2/8 Murray, and above the moving averages of 200 and 21. Yesterday during the American session, gold bounced strongly above the 200 EMA and above 5/8 Murray after the US data.

On the H4 chart, we can see that gold is trading within the uptrend channel forming since January 24. In the next few hours, the metal is likely to continue its rise but could face strong resistance located around 2,062.

Technically, gold is strongly overbought. So, if it fails to consolidate above 2,063 in the coming days, it could be seen as a signal to sell with the target at 2,041 area (21 SMA). Additionally, if there is a sharp break in the uptrend channel, the instrument could cover the GAP that it left on January 26 around 2,018.

Yesterday during the European session, gold fell sharply but the 200 EMA gave it strong support. After the price had hit the bottom of the bullish trend channel, it gained strong momentum, achieving an accumulation of more than $30 in profit until reaching the weekly high of 2,065. This is a sign that gold could continue to rise in the coming days.

We believe that gold could make a technical correction in the next few hours and could find first support around 2,041. In case this level is broken, gold should find strong support at 2,030. In case gold breaks below this area, the price could have a bearish acceleration. Thus, the instrument could reach the psychological level of $2,000 in the coming days.

Meanwhile, we believe that any technical bounce and as long as gold trades above 2,035 will be seen as a signal to buy. Gold will come under bearish pressure below 2,062 and below 2,030.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Dimitrios Zappas
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on August 11, 2025

On Friday, EUR/USD made two rebounds from the 1.1637–1.1645 support zone and turned in favor of the euro. This means the upward movement could continue today toward the 76.4% Fibonacci

Samir Klishi 10:44 2025-08-11 UTC+2

Forecast for GBP/USD on August 11, 2025

On the hourly chart, GBP/USD on Friday made two rebounds from the 1.3425 level, and on Monday continues moving upward toward the 76.4% retracement level at 1.3470. A rebound from

Samir Klishi 10:25 2025-08-11 UTC+2

Forex forecast 11/08/2025: EUR/USD, USD/JPY, GBP/USD, Gold, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:20 2025-08-11 UTC+2

GBP/USD. Technical Analysis for the Week of August 11–16

Trend Analysis This week, from the 1.3450 level (close to the last weekly candle), the price may start moving downward toward 1.3270 – a historical support level (blue dotted line)

Stefan Doll 10:02 2025-08-11 UTC+2

EUR/USD. Technical Analysis for the Week of August 11–16

Last week, the pair moved upward, almost testing the historical resistance level at 1.1710 (blue dotted line), and then turned downward, closing the weekly candle at 1.1641. In the coming

Stefan Doll 09:55 2025-08-11 UTC+2

GBP/USD. Indicator Analysis on August 11, 2025

On Friday, the pair moved downward, tested the 61.8% retracement level at 1.3416 (red dotted line), and then rose, closing the daily candle at 1.3450. Today, the price will attempt

Stefan Doll 09:53 2025-08-11 UTC+2

EUR/USD. Indicator Analysis on August 11, 2025

On Friday, the pair moved downward, almost testing the 23.6% retracement level at 1.1626 (blue dotted line), after which the price rose slightly and closed the daily candle at 1.1641

Stefan Doll 09:40 2025-08-11 UTC+2

If the USD/JPY successfully breaks through the Pivot level, it has the potential to continue strengthening. Monday, August 11, 2025.

[USD/JPY] – [Monday, August 11, 2025] Although the condition of USD/JPY is still moving sideways, as indicated by the overlapping EMAs, the USD/JPY's successful breakout and close above its Pivot

Arief Makmur 07:37 2025-08-11 UTC+2

NZD/USD still has the opportunity to continue strengthening to its nearest resistance level. Monday, August 11, 2025.

[NZD/USD] – [Monday, August 11, 2025] With both EMAs forming a Golden Cross and the RSI(14) indicator at the Neutral Bullish level, the Kiwi has the potential to strengthen today

Arief Makmur 07:37 2025-08-11 UTC+2

EUR/USD Forecast for August 11, 2025

The euro has settled even more firmly at the 1.1632 support level. The longer it consolidates there, the more balanced the probabilities of growth and decline will become. However

Laurie Bailey 05:01 2025-08-11 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.