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Gold is trading around 2,340.64 within a symmetrical triangle pattern formed on the H4 chart. XAU/USD is trading below the 21 SMA and is bouncing after reaching the bottom of this triangle. The metal is likely to continue moving within this pattern in the next few hours until a sharp break occurs to confirm the next directional move of gold.
In case a break above 2,345 occurs, we could expect gold to reach 6/8 of Murray located at 2,375. The instrument could finally reach the psychological level of 2,400.
In case gold breaks below the symmetrical triangle and consolidates below 2,320, it is expected that there could be a change in the trend and the XAU could reach 2,312, 2,250 (4/8 Murray), and finally, the 200 EMA located at 2,199.
We can observe a slight bullish signal that the eagle indicator is showing. It could be seen as an opportunity to buy in the coming days in case there is a sharp break above 2,345.
The market sentiment report shows that there are 48.66% of traders who are buying gold. This makes us think that gold could be under downward pressure in the coming days. Therefore, as long as gold trades below 6/8 Murray located at 2,375, it will be seen as an opportunity to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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