FX.co ★ Trading Signals for GOLD (XAU/USD) for April 22-24, 2024: buy above $2,325 (GAP - rebound)

Early in the American session, Gold is trading around 2,344 under strong bearish pressure after breaking the uptrend channel and reaching 61.8% Fibonacci last week.

Gold sharply broke the bullish trend channel that has formed since March. Therefore, there could be a change in trend in the medium term.

Gold left a gap around 2,391. The instrument is expected to find good support to give it bullish momentum during the next few days. Then, the price could return and cover this GAP and even reach the psychological level of $2,400.

In case the bearish force prevails, gold is expected to continue falling and may find the April 11 support around 2,325. If this level is broken, 5/8 Murray could be a good point for a technical rebound and gold could return to levels of 2,375 and 2,392 (GAP).

According to the H4 chart, it is observed that gold is strongly oversold but could still continue its fall. So, we should expect there to be a consolidation around 2,330 or 2,312 to be able to look for opportunities to buy.

There is bearish pressure on gold and we should be careful as a technical bounce is likely to occur and could be seen as an opportunity to buy. Therefore, if gold bounces above 2,330 in the next few hours, we can buy. However, if the price reaches 2,360 or 2,375 it could be seen as an opportunity to resume selling.