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04.11.2024 05:28 PM
Early in the American session, Gold (XAU/USD) was trading around 2,745, above 3/8 Murray, and within the symmetrical triangle pattern forming since October 22. In the next few hours, we believe that gold could be moving within an intraday corridor between 2,750 and 2,730
If gold breaks and consolidates above 2,756 (21 SMA), the outlook could remain positive and we could expect the price to reach 4/8 Murray at 2,812.
On the contrary, if gold breaks and consolidates below 2,730, we could expect a further main bearish move. Therefore, we expect the instrument to fall to the 200 EMA at 2,679. It could even reach 2/8 Murray at 2,656.
The eagle indicator is giving a positive signal. So, we believe that with any technical bounce and above 3/8 of Murray, we will look for buying opportunities. Besides, with a break above the symmetrical triangle around 2,750, the outlook will remain positive.
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