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Stock market analytics, financial forecasts

Forexmart's Market Analysis section provides up-to-date information about the financial market. The overviews are intended to give you an insight into current trends, financial forecasts, global economic reports, and political news that influence the market.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Trading Signals for GOLD (XAU/USD) for November 20-22, 2024: buy above $2,616 (3/8 Murray - 200 EMA)
07:49 2024-11-20 UTC--5
Exchange Rates analysis

In the American session, the XAU/USD is trading around 2,626, bouncing after having reached 2,619 during the European session. Gold is located above 3/8 Murray and within the uptrend channel forming since November 12.

We can see on the H4 chart that gold has made a technical correction after having previously reached 2,641. So, a technical rebound is likely to occur in the next few hours and the price could reach the area of 2,639 again.

On the other hand, if gold falls below 3/8 Murray, the bearish movement could accelerate and the metal could reach the 21 SMA located around 2,603. Below this area, we could see gold become more bearish and it could reach 2/8 Murray located at 2,578 and could finally cover the gap left around 2,662.

If gold reaches 2,640 again, it could be seen as an opportunity to sell as it is technically overbought, but if the price breaks this area, gold could reach 4/8 Murray located at 2,653. This is a strong resistance zone and a strong technical correction is imminent from there.

As long as gold consolidates above 3/8 of Murray, we will look for opportunities to buy with targets at 2,632 and 2,640. The Eagle indicator is showing a positive signal which supports our bullish strategy.

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.