Early in the European session, Gold (XAU/USD) is trading around 1,993.60, below the 21 SMA, and within a symmetrical triangle formed since November 21. XAU/USD broke above the psychological $2,000 level on November 21. Since then, it has been trading within a range of $1,990 to $2,000.
Gold is showing some consolidation. So, if it breaks above 1,995, it could accelerate its upward move and could reach the psychological level of $2,000 and even the area of the 2,006 high.
On the other hand, a sharp break of the symmetrical triangle below 1,989 could accelerate the downward movement and push the price down to 1,981, where the 200 EMA is passing, which could offer immediate support for gold.
A daily close above 2,006 could accelerate the upward momentum and the metal could reach +1/8 Murray at 2,031 and could even reach the April 23rd high around 2,048. Conversely, a drop below the 200 EMA could accelerate the downward movement and the price could reach the 7/8 Murray at 1,968 and could even drop as low as 6/8 Murray at 1,937.
The eagle indicator reached the oversold zone. Hence, gold is likely to continue bouncing in the coming days. Therefore, any pullback could be seen as a buying opportunity only if it consolidates above 1,980 (200 EMA).
Our trading plan for the next few hours is to buy if the price breaks the symmetrical triangle and consolidates above 1,995. Conversely, a break below 1,990 would be seen as a signal to sell with targets at 1,981.
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