17.04.202614:56 Forex Analysis & Reviews: Trading Signals for GOLD on April 17-20, 2026: buy above $4,790 (21 SMA - 7/8 Murray)

Relevance up to 08:00 UTC--4

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Gold is trading around $4,802 within a bearish trend channel on the H1 chart that has been forming since April 14. The chart shows that gold is consolidating above the 200-period EMA at $4,760, suggesting that gold could see a recovery in the coming days, potentially reaching the R_3 resistance level at $4,898.

Looking at the H1 chart, gold is above the 21SMA and is testing the strong resistance of the downtrend channel. Technically, XAU/USD appears to be forming a bullish pennant pattern on the H4 chart. If the price consolidates above $4,800, we could expect it to reach $4,869 and $4,900 in the coming hours.

Conversely, if gold fails to break above $4,800, we could expect a correction toward the 200 EMA at $4,760, and we could anticipate a technical bounce in this area.

The Eagle indicator is showing a positive signal, hence gold is likely to continue rising in the coming hours. Therefore, we will use this technical analysis to buy above the 21 SMA at $4,792 or above $4,760, as both levels offer a positive outlook for gold in the coming hours.

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