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23.07.2025 06:55 AM
Trading Signals for GOLD (XAU/USD) for July 23-26, 2024: sell below $3,437 (21 SMA - 8/8 Murray)

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Gold, after reaching the low of the 5/8 Murray around 3,300, rebounded strongly, gaining more than $100 in less than a week. We believe it could be facing a strong technical correction, as the 8/8 Murray represents a strong barrier.

If gold consolidates below the 8/8 Murray in the coming hours, it will be seen as a selling opportunity with a target at the 7/8 Murray around 3,398. The price could even reach the support of the 6/8 Murray around 3,359.

We could have a positive outlook for gold if it consolidates above 3,437. Then, it could reach the +1/8 Murray at 3,472 and even get the psychological level of $3,500.

The Eagle indicator is reaching extremely overbought levels, so an accelerated technical correction is imminent in the coming hours. Therefore, we will look for opportunities to sell below 3,437.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
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Dimitrios Zappas
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