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Early in the Asian session, gold (XAU/USD) is trading with a slightly bullish bias, but with a top at the 200 EMA located at 1,856. In the next few hours, gold is expected to consolidate above this zone in order to resume its uptrend.
During the last few days, gold has been under downward pressure due to the publication of the Minutes of the last meeting of the US Federal Reserve. The document showed that the central bank is willing to continue raising the interest rate in the coming months, but less aggressively than expected.
Since then, XAU/USD has reduced its upside potential for the second day in a row and the bearish bias is going on. This pullback could be considered as an opportunity for the bulls to buy with targets towards the psychological level of 1900.
The 4-hour chart shows that the price remains below its 21 SMA, which maintains its downward slope, while the 200 EMA provides strong resistance around 1,873.
Since May 16, the eagle indicator is showing signs of a bullish trend in the medium term, which adds weight to our view that gold could reach an area of 1,937 in the coming days.
According to the daily chart, we can see a consolidation because gold is trading right at the 200 EMA.
For the path to the target of 7/8 Murray to clear and the uptrend to resume, gold would need to overcome the resistance of 1,856 (200 EMA) and the resistance of 1,875 (6/8 Murray). Above these levels, gold will be able to 1,913 and 1,937 easily.
According to the daily chart, we can see that gold is forming a bullish pennant pattern. This technical pattern is still in progress. Once it is complete in the next few days, there will be a consolidation in gold below 200 EMA around 1,856.
On the contrary, a daily close above 1,858 could accelerate the upward movement and the price could reach 6/8 Murray at 1,875 and even continue to rise towards 7/8 Murray located at 1,937.
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