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Gold (XAU/USD) is rebounding from the daily low at $1,833 and is now trading above the 21 SMA and below the 200 EMA on 1-hour charts. It is currently located at $1,845, making a slight correction after having found resistance at the 200 EMA around $1,850.
According to the 1-hour chart, we can see the formation of a descending wedge. The breakout of this pattern could confirm the bullish movement of gold and it could reach the resistance zone of 6/8 Murray around $1,875 in the coming hours.
Gold benefited as US Treasury yields have fallen during the European session and are likely to continue their decline during the American session. Additionally, the US dollar index is also showing signs of weakness which favors gold.
Consolidation on the 4-hour chart and a daily close above $1,850 could mean acceleration of the bullish move, and the outlook for gold is positive as it could reach the zone of $1,865 and $1,875.
Investors are concerned about the rate hike in the US because it reduces the demand for this safe-haven asset that does not generate interest or return.
As long as it remains trading below 6/8 Murray, any momentum in gold will be considered a technical correction. The bearish pressure exerted below this zone could send gold lower again.
In the medium term, a close above $1,875(6/8) could mean an advance in gold as it could reach the psychological level of $1,900 or even the zone of 7/8 Murray at 1,937.
In the short term, our signals remain positive due to the falling wedge pattern. This technical figure should be confirmed if gold consolidates above the 200 EMA. If this happens, we could buy gold with targets at $1,869 and $1,875.
The eagle indicator has reached the extreme oversold zone since June 6 which is an imminent sign of a technical correction in the next few hours, supporting our bullish strategy.
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