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Early in the European session, gold is trading at 1,755 below the 200 EMA located at 1,759 and above the 21 SMA located at 1,702.
XAU/USD is facing strong resistance around the 200 EMA (1,760). With a sharp break above this level, we could expect a bullish continuation and the price could reach +1/8 Murray at 1,781 and even +2/8 Murray at 1,812.
In case gold fails to break this strong resistance, we could expect a technical correction and it could fall towards the 21 SMA located at 1,702 in the coming days.
Conversely, a daily close above 1,765 will be a clear signal to buy, with targets at about the psychological level of 1,800.
According to the daily chart, we can see that gold is forming a bullish pennant pattern. It is likely that if it confirms the break of this pattern above 1,765, it could reach the level of 1,812 and even the high of June at 1,843.
Our trading plan for the next few hours is to sell below 1,759, just in case, it trades below the 200 EMA, with targets at 1,740 and 1,712.
The eagle indicator reached the key level of 95 points which represents the extremely overbought zone. Therefore, a technical correction is highly probable in the next few hours and it could give us an opportunity to sell.
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