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Early in the European session, gold is trading around 2,053.97, above the 21 SMA, and above the 200 EMA. On Friday, the US Treasury yields fell sharply, which favored the strength of gold. So, gold gained strong bullish momentum to break its bearish trend channel formed since December 26.
Last week, we saw that gold sharply broke the downtrend channel, quickly reaching 6/8 Murray around 2,062. From that level, there was a technical correction to enable the metal to test the resistance of 2,040 which has now become a strong support.
Given that gold is showing a bullish signal, it is expected that the price can reach the strong resistance zone of 2,062 in the next few hours, which could be seen as a signal to sell with a target at 2,036.
On the other hand, if gold breaks sharply at 2,062, we could expect there an upward acceleration and the instrument could reach 7/8 Murray at 2,093.
If gold continues to trade above 2,036 (21 SMA) in the coming days, any pullback could be seen as an opportunity to buy with targets at 2,062 and 2,080.
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