GOLD (XAU/USD) Trading Signals for April 16-18, 2024: Sell Below $2,390 (21 SMA – 61.8% Fibonacci) – Prediction – April 16, 2024
In yesterday’s US session, gold reached a low of 2,325, a level consistent with the 200 EMA, and gained strong bullish momentum in that area, jumping over $50 in less than 24 hours.
From the all-time high of 2,431 to the April 15 low (2,324), gold retraced the 61.8% Fibonacci level corresponding to around 2,390.
If the price of gold trades below 2,392 in the next few hours, you may find an opportunity to sell with a target price of 2,364 (21 SMA). A consolidation below the 21 SMA could lead to further downside and gold could fall towards the 2,331 to 200 EMA.
If gold continues to rise, the bearish outlook will be invalidated and buying opportunities may be found above the psychological level of 2,400. If this scenario occurs and gold consolidates above 2,396, the price is likely to reach 2,410 and finally 2,435 (7/8 Murray).
