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Gold is trading around $5,182, accumulating after reaching $5,260. XAU/USD could continue its rise if it consolidates above $5,182 in the coming hours, with targets at the +1/8 Murray around $5,312.
If gold falls below $5,180, we could expect the formation of a technical reversal pattern called a symmetrical triangle. Hence, we could see gold reach the lower band of the uptrend channel around $5,070. It could even reach the psychological level of $5,000 around the 8/8 Murray.
Given that the geopolitical landscape benefits gold as a safe-haven asset, we can expect a technical correction in the coming days, followed by a resumption of its upward cycle.
A sharp break below the psychological level of $5,000 could lead to a change in the trend. As a result, the instrument could reach the 200 EMA around $4,880 and around $4,687.
Given that gold is within the uptrend channel, any pullback above the psychological level of $5,000 will be seen as a signal to continue buying in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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