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Early in the American session, gold (XAU/USD) is trading above the 21 SMA located at 1,848 and below the 200 EMA located at 1,867. This level could be the price range for the next few hours.
In the short term, gold shows a bullish bias, while being supported by the 21 SMA giving a positive outlook for the next few hours.
According to the 4-hour chart, we can see that gold has formed a bullish pennant pattern. This pennant was broken. As long as the price consolidates above 1,849, it could continue its uptrend and could reach the 7/8 Murray zone around 1,937 in the next few days.
One factor supporting the bullish advance for the precious metal is US Treasury yields. The pullback from the 3% level. It could be linked to profit-taking by investors which favors the rise of gold.
XAU/USD also continues to benefit from persistent concerns about rising inflation globally, which could dampen the economic outlook. In addition, recent concerns over the US-China trade and the ongoing Russia-Ukraine crisis keep investors' sentiment around the traditional safe haven.
The next key resistance level is at 1,867 where there is the 200 EMA which has become a strong barrier. A firm break above this moving average will require consolidation and the price could advance to 6/8 Murray at 1,875.
Confirmation of the bullish pennant pattern could occur after gold consolidates above 6/8 Murray around 1,875. Above this level, the path is clear and could quickly reach 7/8 Murray at 1,937.
Our trading plan for the next few hours is to buy above the 21 SMA located at 1,849, with targets at 1,867 and 1,875. A close above 1,868 on the 4-hour chart will be an opportunity to resume buying with targets at 1,900 and 1,937. The eagle indicator is giving a positive signal which supports our bullish strategy.
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