FX.co ★ Trading Signal for Gold (XAU/USD) for September 1-2, 2022: buy in case of rebound at 1,687 (2/8 Murray - oversold)

Early in the American session, gold (XAU/USD) is trading at around 1,702 with a bearish bias and showing signs of exhaustion.

On the 4-hour chart, we can see the formation of a symmetrical triangle. So, gold is likely to consolidate at around 1,695 and at 1,705 until the US nonfarm payrolls are released on Friday.

In case gold falls to the 2/8 Murray zone at 1,687, there will be an opportunity to buy around this level with targets at 3/8 Murray 1,718 and the 21 SMA located at 1,721.