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XAU/USD is trading around 1,630 above 1,625 (4/8 Murray ) and inside the downtrend channel formed on daily charts since May 18.
On the chart, we can see the formation of a symmetrical triangle, its break could define the trend in the medium term.
On the daily chart, we can see the formation of a triple bottom formed at the three lows reached around the area of 1,615. A sharp break below this area and a daily close below 1,610 could be a clear signal to sell, with targets at at 1,593 (3/8 Murray) and 1,562 (2/8 Murray).
On the other hand, it is likely that in the coming days Gold will trade within a symmetrical triangle. Additionally, a break above the 21 SMA located at 1,651 could mean an easing of bearish pressure, and the price could reach the top of the downtrend channel around 1,675.
During the American session, US employment data will be published. Nonfarm payrolls are forecast to rise by 200,000. This is likely to cause volatility in Gold.
In the event of a disappointing employment report, we could expect XAU/USD to bounce back above 1,625 and reach 1,651 (21 SMA).
Our trading plan for the next few hours is to buy above 1,625, with the target at 1,651. A sharp break above this area will be a signal to buy with the target at 1,680. If Gold falls below 1,610, we should avoid buying and expect a sharp drop.
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