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Early in the American session, gold is trading around 2,898 within the bullish trend channel forming since February 20, below the 21 SMA, and above the 5/8 Murray. Gold maintains its bullish bias, consolidating around the psychological level of $2,900.
Over the past few weeks, gold has been under strong volatility due to the US President's comments regarding tariffs. His policy has generated concern among investors and in turn, has benefitted gold as a safe-haven asset, boosting its price.
We can see that the price has formed a double-top pattern on the H4 chart, which means that gold could continue its bearish bias.
We should wait for a confirmation in the next few days whether gold breaks and consolidates below the uptrend channel around 2,890.
On the other hand, if XAU/USD consolidates above the 21 SMA located around 2,908 in the next few hours, the price will likely continue its rise and could eventually reach 6/8 Murray located around 2,968.
The eagle indicator is showing oversold signs. So, we believe that in case there is a technical correction in the next few days and if the price consolidates above 5/8 Murray, any technical bounce will be seen as an opportunity to buy gold.
We must be on the lookout for a breakout of the bullish trend channel, which could lead to a sharp drop in gold and the instrument could reach the 200 EMA located at 2,789.
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