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Gold is trading around 2,330.57, above the 21 SMA, and above the 200 EMA. On the H4 chart, we can see that gold resumed its bullish cycle after reaching the low of 2,277. The instrument is now consolidating above the bearish trend channel and above the symmetrical triangle pattern.
Since XAU/USD is showing a positive signal, we could look for opportunities to buy above 5/8 Murray located at 2,312 or above the psychological level of 2,300.
A technical bounce around the bottom of the downtrend channel could be seen as an opportunity to buy with the target at 2,375.
Since April 30, the eagle indicator has been giving a positive signal. Therefre, we expect gold to gain momentum so that the price continues its rise until it covers the GAP left on April 18 at about 2,392.
If gold falls and returns below 2,300, it could resume its bearish cycle and the price could reach 4/8 Murray located at 2,250.
The outlook will remain positive and we will look for opportunities to continue buying gold above 2,302 in the coming days. The market sentiment report shows that there are 55.99% of traders who are buying the yellow metal.
This means that we expect gold to continue rising in the coming days. However, if it fails to consolidate above 2,375, gold could resume its bearish cycle.
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