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Trading signals for XAU/USD for July 26 - 27, 2021

analytics60fe33720721c.jpg

The XAU/USD pair remains under bearish pressure below the 200 EMA and above the 21 SMA around 1.803. This is the support level and zone of confluence. If bears gain more strength, gold may fall to the weekly support level of 1792 and 1781 (1/8).

If the pair breaks below the weekly support level of 1792, it is likely to consolidate around the 1/8 Murray level of 1781.

The 1810 level is located near the 200 EMA and a little higher than the 2/8 of Murray, which makes it quite a strong resistance level. If gold consolidates above both levels, it may resume an upward movement will to the 1830 and 1874.3 levels. (3/8).

Bulls will take the upper hand only if gold finds support above 1810-1812. So, it is recommended to open long trades above these levels because the indicator eagle on the 4Hchart shows a bullish signal.

According to the 4H chart, gold is oscillating within a downtrend channel. Last Friday, it touched the bottom of the downtrend channel. Now, gold is likely to rebound from this level and break the bearish channel in the next few days.

Our recommendation is to buy above the SMA of 21 around 1806 with targets at 1812. If the pair breaks this level, it is better to wait for consolidation above 2/8. Then it is recommended to open long trades with targets at 1830 and 1843 area of 3/8 of murray.

Support and Resistance Levels for July 26 - 27, 2021

Resistance (3) 1,832

Resistance (2) 1,821

Resistance (1) 1,811

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Support (1) 1,790

Support (2) 1,785

Support (3) 1,779

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Trading tip for XAU/USD (Gold) for July 26 - 27, 2021

Buy above SMA 21 at 1,806, with take profit at 1,812 (2/8), 1,830 and 1843 (3/8), stop loss below 1,798.

Sell below 1,799 (SMA 21), with take profit at 1,792 and 1781 (1/8), stop loss above 1,805.

The material has been provided by InstaForex Company - www.instaforex.com