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Gold (XAU/USD) in the American session is trading above the 200 EMA and above the 21 SMA, both located at the same level of 1,855.
The price of gold (XAU/USD) is returning to the highest levels in two weeks. At the moment, it is trading at 1,866. The yellow metal is gaining support from the drop in US Treasury yields.
Another factor that is helping the strength of XAU/USD is the weakness of the US dollar, which is now trading at around the 5/8 Murray support zone at 101.77. After having reached the high of 105.00, the US dollar's weakness set the stage for the recovery of currencies such as the euro and the pound as well as gold.
Rising geopolitical tensions between the US and China over Taiwan could also help gold rise as it is the traditional safe haven. Therefore, if gold consolidates above 1,850 in the new few days, it is likely to reach the zone of 1,920.
On the daily chart, we can see a downtrend channel formed since February 18. This was formed when gold reached the high at 2,070 and the low at 1,786. The top of this channel around 1,920 will be the target for gold if it manages to consolidate above 6/8 Murray located at 1,875.
On May 12, the Eagle indicator reached the 5-point zone which suggests an imminent rebound. Gold is currently bouncing off the low of 1,786. It is likely to reach strong resistance of 1,875 (6/8 Murray) in the coming days.
On the daily chart, a close above 1,875 could mean that gold still has a bullish path so that the price could reach 1,920 (top downtrend channel) and could even go as high as 7/8 Murray at 1,937.
Conversely, if gold falls below 1855, it is likely to weaken towards the support of 5/8 Murray at 1,812.
Our trading plan for the next few days is to buy gold above 1,855, with targets at 1,870, 1,900 and 1,920. The Eagle indicator supports our bullish strategy.
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