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Early in the European session, gold (XAU/USD) is trading around 1,957.91 within a symmetrical triangle and below the 21 SMA and 200 EMA.
Yesterday in the American session, the instrument reached a high of 1,986, the area of strong resistance and level that coincided with the top of the downtrend channel and the 200 EMA.
Gold could make a strong bearish acceleration only if it breaks below 1,950. Then, the price could reach the area of 1,944, the level last seen on March 24. If the bearish pressure prevails, the price could even reach 7/8 Murray around 1,937.
Below 1,949, there is a strong probability of a technical rebound from this level to 1,937 (7/8 Murray) because the Eagle indicator is in an oversold zone. Hence, the bulls could take advantage and gold could reach the 1,970 zone again (21 SMA).
On the other hand, in the event that gold continues to bounce from current price levels, consolidates above the 21 SMA (1,970), and breaks sharply through the downtrend channel, this could be a sign of a trend reversal.
If this scenario occurs, XAU/USD could reach the 200 EMA zone located at 1,988 and finally, it could reach the psychological level of $2000.
Our trading plan for the next few hours is to buy gold above 1,955 because it is located within the symmetrical triangle and it is expected to bounce and reach the 1,970 area. In case gold falls below the symmetrical triangle, we should wait for it to reach the support zone between 1,944 and 1,937 in order to buy because a strong technical rebound could occur in this area.
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