empty
21.03.2023 03:41 PM
Trading Signal for GOLD (XAU/USD) for March 21 - 22, 2023: sell below $1,968 or buy if rebound $1,960 (7/8 Murray - 21 SMA )

This image is no longer relevant

XAU/USD retreats from its annual high reached on March 20 at 2,009.66. The global banking jitters have passed for now and US Treasury yields have been bouncing, erasing Gold's strength.

According to the 1-hour chart, gold is trading below the 21 SMA located at 1,975 and below the strong resistance of 1,986. We can clearly see that the asset is under strong bearish pressure but it could find a bottom around 1,960. At this level in the 4-hour chart, we can see the 21 SMA which will act as strong support and gold could then resume the bullish cycle.

In case gold breaks out sharply and consolidates below 1,960, we would expect a bearish acceleration and the instrument could reach the 6/8 Murray at 1,937 and could ultimately reach the 200 EMA located at 1,919.

On the contrary, if gold remains above 1,960, it could give us a signal to buy with targets at 1,975 (21 SMA) and 1,986 (weekly_resistance).

Since its high reached in the last hours, gold has made a correction of almost $40 as part of profit taking. The instrument is likely to see a technical rebound in the coming hours and then continue with a short-term downtrend.

Our trading plan for the next few hours is to sell below 7/8 Murray located at 1,968, with targets at 1,960. Around this level, we can expect a technical bounce to buy with targets at 1,975. The Eagle indicator from 20 March is giving a negative signal. Hence, as long as the metal trades below 1,985, any technical bounce will be seen as a signal to sell.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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 July 10, 2025

On Wednesday, the EUR/USD pair continued to move along a trajectory known only to itself. The 127.2% Fibonacci correction level at 1.1712 was once again ignored by traders. I still

Samir Klishi 12:21 2025-07-10 UTC+2

Forecast for GBP/USD on July 10, 2025

On the hourly chart, the GBP/USD pair continued its upward movement on Wednesday after rebounding from the 127.2% Fibonacci corrective level at 1.3527. The rebound was precise, leading

Samir Klishi 10:35 2025-07-10 UTC+2

GBP/JPY. Analysis, Forecast, and Current Market Situation

On Thursday, the GBP/JPY pair is regaining upward momentum and shows readiness for further growth. The formation of an ascending channel confirms the stability of the bullish trend. During

Irina Yanina 10:22 2025-07-10 UTC+2

If the resistance level of 0.7964 holds back its upward movement, USD/CHF has the potential to weaken on Thursday, July 10, 2025.

USD/CHF, Thursday, July 10, 2025 In addition to rumors of a planned Fed interest rate cut and falling US government bond yields, USD/CHF weakened today. Key Levels 1. Resistance

Arief Makmur 06:47 2025-07-10 UTC+2

Cable has the potential to test its Pivot and Support 1 levels in the near future, Thursday, July 10, 2025.

GBP/USD, Thursday, July 10, 2025. Rumors of the Fed's future dovish policy have created negative sentiment towards the USD, potentially helping the pound sterling strengthen again today. Key Levels

Arief Makmur 06:47 2025-07-10 UTC+2

EUR/USD Forecast for July 10, 2025

Markets continue to test risk-on strategies—yesterday, the S&P 500 rose by 0.61%, oil slipped by 0.22%, and the euro declined by just 4 points, which, given the low daily volatility

Laurie Bailey 06:14 2025-07-10 UTC+2

Trading Signals for GOLD (XAU/USD) for July 10-15, 2025: sell below $3,330 (21 SMA - 200 EMA)

If the bullish momentum prevails, we should buy gold above the 200 EMA located at 3,324. The outlook could be positive, with the price reaching 3,450 in the short term

Dimitrios Zappas 06:10 2025-07-10 UTC+2

Trading Signals for EUR/USD for July 10-15, 2025: sell below 1.1753 (200 EMA - +1/8 Murray)

Early in the European session, the euro is trading around 1.1737, above the 21 SMA and attempting to break the top of the downtrend channel formed since late June

Dimitrios Zappas 06:08 2025-07-10 UTC+2

GBP/USD Forecast for July 10, 2025

The British pound is slowly approaching the target resistance at 1.3635. A breakout above this level would open the way to the MACD line at 1.3705. This target is likely

Laurie Bailey 05:53 2025-07-10 UTC+2

AUD/USD Forecast for July 10, 2025

AUD/USDOn the daily chart, the Marlin oscillator continues its prolonged movement along the neutral zero line. As the price breaks through new local resistance or support levels, it encounters

Laurie Bailey 05:42 2025-07-10 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.