In the case of the bullish acceleration, gold could reach 2,031 (8/8 Murray) and ultimately could reach +2/8 Murray located at 2,062.
On the other hand, in case gold falls below the 200 EMA located at 1,962, it is likely that Gold could already resume a trend reversal and the price could fall towards 6/8 Murray located at 1,937.50.
On the 4-hour chart, we can observe the formation of a symmetrical triangle. If there is a break below 1,963, the instrument could activate the downward acceleration and the price could fall towards 8/8 Murray located at 1,632. Finally, the instrument could reach 4/8 Murray at 1,937.
Additionally, a sharp break above 1,989 could offer an acceleration to the upside and the price could reach the psychological level of 2,000. Above this level, we could expect a bullish recovery in gold, so it could reach the 2,031 zone. We have previously seen that the Gold has left a gap at 2,023 which could be filled.
A sharp break from the uptrend channel could accelerate the bullish movement of the pair that could reach the 2031 level, this could mean a resumption of the bullish trend.
According to the Eagle indicator, it has reached the 5-point level, which represents an imminent technical rebound in the coming hours. Therefore, if the XAU/USD pair breaks the 1,990 zone in the next few hours, it could activate the signal to buy with targets at 2,021.