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Early in the American session, gold is trading around $1,946 with a positive bias. According to the 4-hour chart, gold is above the 21 SMA (1,931) and above the 200 EMA located at $1,916.
Yesterday, gold broke sharply through the symmetrical triangle pattern and now the short-term target is to reach the zone of $1,975 and the psychological level of $2,000 which coincides with 8/8 Murray.
Yesterday, the Dow Jones Industrial Average opened session 200 points lower and then extended its decline throughout the day. Today in the early American session, the index is trading approximately 600 points below its high.
The fact that the Wall Street indices are trading in the red is an indication that the market sentiment is changing.
Last week, investors regained risk appetite but this week it is weakening and investors are likely to take refuge in gold, which could rebound to $2,000 and could even reach the high at 2,070.
Negative market sentiment has been the main theme since Russia invaded Ukraine, which initially sent the price of gold to all-time highs in the $2,070 zone.
US Treasury yields are playing a big role in the direction of gold. Bonds are correcting after hitting a high of 2.417%, this is benefiting gold, but it has little strength to continue its advance.
It is expected that in the next few hours, gold will consolidate above 7/8 Murray located at $1,937. In the event of an eventual pullback, the 21 SMA is likely to act as a dynamic support and could give gold a new boost to resume its upward movement.
The eagle indicator is generating a positive signal which supports our bullish strategy.
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