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Trading Signal for XAU/USD (Gold) for July 19 - 20, 2021: Key level $1,812

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The XAU / USD (GOLD) last week touched its highest level in a month at $ 1,833.58, but retraced a large part of this rally on Friday after having been consolidating in the area of the 200 EMA in 4-hour charts. The price is now below this level and we notice that it is making a strong downward correction.

On the 4-hour chart, gold had been consolidating above the 2/8 murray level and above the 200 EMA. Right in that area, gold formed a diamond pattern which indicated an imminent drop. This happened on Friday and the metal is now trading below these levels which suggests that the bearish force could prevail in the short term.

The key level of support is located in the area between 1,795 and 1,781. A technical rebound off this area is highly probable. The level of 1.795 will give Gold an upward impulse to the resistance area of 1,812. We believe that this resistance could continue to drag the price down. Therefore, we must monitor this level to plan sell positions.

The SMA of 21 and the EMA of 200 have now become a strong top for gold. So, as long as the price holds below this level, gold may continue to remain lower and in the short term it could fall towards the zone around 1,781.

The technical reading of the eagle indicator since July 12 showed overbought levels. Having reached the maximum at 1,834, gold is making a correction. So, it is likely that a new upward momentum will occur and then resume the downward sequence.

Our recommendation is to buy if the price rebounds to 1,795. Alternatively, we should wait for a pullback to 1,812 to sell below the 2/8 murray or below the 200 EMA.

Support and Resistance Levels for July 19 - 20, 2021

Resistance (3) 1,825

Resistance (2) 1,817

Resistance (1) 1,812

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Support (1) 1,795

Support (2) 1,790

Support (3) 1,779

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Trading tip for XAU/USD (Gold) for July 19 - 20, 2021

Buy if rebound 1,795, with take profit at 1,812 (2/8), stop loss below 1,790.

Sell if pullback 1,812 (2/8), with take profit at 1,795 and 1781 (1/8), stop loss above 1,817.

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