07.04.202216:26 Forex Analysis & Reviews: Trading Signal for Gold (XAU/USD) for April 07-08, 2021: buy above $1,922 (200 EMA - 21 SMA)

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Gold (XAU/USD) continues to consolidate above the 200 EMA and above the 21 SMA on the 4-hour chart. We can observe in the chart the formation of a diamond pattern. If gold breaks the area 1,937, this price acion could confirm this technical pattern and the metal could reach the zone of 1,966.

The escalation of the conflict between Russia and Ukraine, punishing Russia with more sanctions, helps provide support to the price of gold.

Gold investors await clarity on the Ukraine crisis for a new market sentiment. If the crisis in Ukraine worsens, investors could once again take refuge in gold and it could reach the psychological level of 2,000.

Risk aversion was bolstered by a modest pullback in US Treasury yields, which helped gold consolidate and limit losses.

The technical picture on the 4-hour chart shows that gold has tested a downtrend line around 1,935 on 3 occasions. A sharp break of this line could give gold a further boost. If it consolidates above 7/8 Murray, the price could go as high as 1,965.

200 EMA and 21 SMA are giving gold strong support. As long as it continues to trade above this level, we would expect gold to continue its rise so that it could reach the zone of 1,937 and 1,945.

Our trading plan for the next few hours is to buy gold above 1,922 (200 EMA) or above 1,927 (21 SMA), with targets at 1,937 and 1,966. The eagle indicator supports our bullish strategy.

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