FX.co ★ Trading Signals for GOLD (XAU/USD) on April 13-14, 2023: buy in case of rebound at $2,013 (21 SMA - 200 EMA)

Gold is trading around 2,017.10 at the opening of the European session. The pair is located above the 21 SMA and the 200 EMA on the 1-hour chart.

Yesterday during the American session, XAU/USD showed a strong upward movement reaching 2,028.33, and a technical correction occurred. The price then reached a low of 2001.39.

Now we can expect an upward continuation in the next few hours to +1/8 of Murray located in 2,031. XAU/USD left a gap on April 5 and is likely to cover it before making a change in the trend.

Risk appetite sentiment and falling Treasury yields are supporting gold strength. XAU/USD points to the maximum of 2,031 (+1/8 Murray) for the next few days.

A technical correction towards the 21 SMA located at 2,013 is expected in the next few hours. The daily pivot point is located around this area and as long as the pair trades above this level, we could expect it to continue rising.

Finally, a technical bounce at the bottom of the uptrend channel around 2,007 could give us an opportunity to buy gold with the target at 2,031.

In the event of a breakout through the uptrend channel formed since April 10 and a daily close below 2,004 we could expect gold to fall towards the 200 EMA located in 1,996. It could be a sign of a trend reversal. The price could fall towards 7/8 Murray located at 1,968 in the next few days.

Our trading plan is to buy gold while it trades within the uptrend channel with targets at 2,025 and 2,031. The Eagle indicator is giving a positive signal which supports our bullish strategy.