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Gold is trading around 2,352.9, above the symmetrical triangle that was broken and with a strong bullish trend originated after breaking the symmetrical triangle pattern. Yesterday in our analysis, we observed that gold had been under strong consolidation for several days straight.
Yesterday during the American session, gold made a sharp break above 2,315 (21 SMA). Now we can see that there is a strong bullish perspective that could enable the metal to reach 2,375 and the price could even cover the GAP that left on April 18 around 2,392.
For the next few hours, we believe that there could be a technical correction in gold and it could be seen as an opportunity to resume buying orders. As a result of a drop as part of profit-taking, the instrument is expected to reach the support of 2,334. If it proves strong, it will allow traders to buy with targets at 2,360 and 2,375.
On the other hand, if the technical correction enables the price to reach SMA 21 located at 2,322 and if gold consolidates above this area, it will be seen as an opportunity to buy. On the contrary, a fall below 2,320 could change the positive outlook for gold and we could expect a bearish consolidation that could push the price down to 2,250 in the short term.
The eagle indicator is giving a positive signal. So, we believe that in the coming days, gold will continue to rise. Therefore, any pullback will be seen as an opportunity to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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