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04.12.2024 02:58 PM
Early in the American session, gold is trading at 2,644 around the 21 SMA, below the 200 EMA, and within the symmetrical triangle pattern forming since November 26.
On the H4 chart, we see a consolidation. If the gold price breaks sharply and consolidates above 2,652, we could expect a bullish movement that could push the price up to the 5/8 Murray at 2,695.
On the other hand, a sharp break of the symmetrical triangle pattern below 2,638 could mean a bearish acceleration. Therefore, the price could reach 3/8 Murray at 2,620 and 2/8 Murray at 2,578. Eventually, the metal could reach 2,562 where it left a gap on November 14.
Technically, gold could follow a technical correction in the next few days and resume its bullish cycle. The key will be to pay attention to the 3/8 Murray support. A technical bounce around this area could offer an opportunity to resume buying.
Our trading plan for the next few hours is to buy and sell inside the symmetrical triangle pattern below 2,652 and above 2,640.
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