Gold is trading around $5,014, below the 200-day EMA and the 21-day SMA, under downward pressure, and is likely to continue falling in the coming hours.
If gold consolidates above the 200 EMA around $5,046 and breaks above this zone, the uptrend is expected to continue, with the price potentially reaching the 21 SMA around $5,090 and possibly even the top of the uptrend channel around $5,100.
If gold breaks above the 21 SMA and above the bearish trend channel, this could be seen as a buying opportunity, and gold could then return to levels around $5,250—last week's high—and could even reach February's high around $5,450.
Conversely, as long as the instrument trades below the 200 EMA, it means downward pressure. So, the metal is likely to continue falling in the coming hours until it reaches the weekly S_1 support level around $4,896.
Given that gold is showing a positive signal according to the Eagle indicator, we could expect the price to consolidate above $5,046 and then open long positions. We must be cautious, as the price could reach this zone and face strong resistance.
QUICK LINKS
ForexMart is authorized and regulated in various jurisdictions.
(Reg No.23071, IBC 2015) with a registered office at First Floor, SVG Teachers Co-operative Credit Union Limited Uptown Building, Corner of James and Middle Street, Kingstown, Saint Vincent and the Grenadines
Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.
Contact Us 
