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03.01.202514:59 Forex Analysis & Reviews: Trading Signals for GOLD (XAU/USD) for January 3-5, 2025: sell below $2,670 (21 SMA - 4/8 Murray)

Relevance up to 07:00 2025-01-17 UTC--5

Exchange Rates 03.01.2025 analysis

Early in the American session, gold is trading around 2,658 above 4/8 Murray and below the top of the uptrend channel forming on December 27, 2024. We believe that gold is reaching overbought levels, but we should be careful because the bullish trend still prevails.

In case gold reaches the top of the uptrend channel around 2,672, this area should be considered as a key point and gold might make a technical correction. Below this area, we could expect the instrument to reach the 200 EMA located at 2,642. Gold might even find a bottom around 2,635.

On the other hand, above 2,670, gold is likely to reach 5/8 of Murray located at 2,695. Below 2,630, gold could resume its bearish cycle. Therefore, the metal could drop to 2/8 of Murray at 2,578.

The eagle indicator is showing a bearish signal, so we will look for opportunities to sell below 2,670.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Dimitrios Zappas,
Analytical expert of InstaSpot
© 2007-2025
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