XAU/USD(GOLD) Trading Signals for May 14-16, 2024: Buy Above $2,342 (21 SMA – Bounce) – Prediction – May 14, 2024
Gold is trading around 2,343, around the 21 SMA, and within an uptrend channel that has been forming since early May. After a strong technical correction below 2,375, gold found a bottom near 2,330, giving it a chance to recover.
The H4 chart shows that gold could resume its bullish cycle if it consolidates above 2,340 or 2,330 in the coming days.
If gold maintains its uptrend channel, a technical bounce near 2,330 will be a key point to buy with targets of 2,375 and 2,392. At this level, gold left the GAP on April 18th and the price is likely to reach this area, so the GAP will be covered in the next few days.
If gold breaks and consolidates below 2,330, the outlook could be negative and a change in trend could be expected. Gold could therefore reach the 5/8 Murray located at 2,312 and the 200 EMA located at 2,301.
We believe that gold may gain momentum in the coming hours and that we will only find buying opportunities if gold stabilizes above 2,330. A drop in price is considered an opportunity to buy at the target prices of 2,355, 2,375, and 2,392.
