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The 1-hour chart for gold (XAU/USD) shows that the price is consolidating above the 200 EMA and above the 21 SMA located around 1,930.
We can see the formation of a descending wedge pattern which is a sign that there could be a bullish movement in gold in the next few hours.
A consolidation above the 200 EMA located at 1,930 could give gold a strong bullish move. The first barrier will be to break the top of the bearish channel that was formed since March 23 around 1,939.
A break above 1,939 and a consolidation above this area could accelerate the move higher and gold could reach the strong resistance of 1,950 and until 1,966, the high of March 24.
Since March 29, gold has been trading above an uptrend channel which has been tested on 3 occasions. This could be a clear sign that the bulls are trying to keep the price of the metal higher and gold is likely to get strong upside momentum if it consolidates above 1,939.
Investors, meanwhile, remain nervous as the United States and Europe plan to punish Moscow for the killings of civilians in Ukraine over the weekend.
This data could favor gold as investors look to take a safe haven, which could support our bullish strategy. The price could easily reach the zone of 1,966 in the coming days.
Our trading plan is to buy above 1,930, with targets at 1,939, 1,949, and even 1,966. The eagle indicator is giving a positive signal.
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