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The XAU/USD pair is trading around $4,818 following a consolidation above the 200 EMA, showing a positive signal. The chart above shows signs of exhaustion, suggesting that gold is expected to face downward pressure in the coming days.
Gold has made every effort to consolidate above the 200 EMA, rebounding several times above this zone. However, the bullish momentum was unable to push gold toward the two expected levels of $4,890 and even $5,000.
On the H4 chart, we can see that gold has reached its early April high around $4,860. Since then, we have seen a technical correction, so the instrument is likely to face downward pressure in the coming days. If this scenario plays out, XAU is expected to reach the 200 EMA around $4,778, but if there is a break below the 7/8 Murray line, it could continue to fall.
A technical rebound in gold above the 200 EMA, the 21 SMA, and the lower band of the uptrend channel—which converge around $4,778—could be a good entry point for long positions with targets at $5,000.
Conversely, a sharp drop below the 200 EMA and a decisive break of the uptrend channel could signal a trend reversal, and gold could quickly sink to $4,687, and even down the 6/8 Murray level around $4,375.
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