FX.co ★ Trading Signals for GOLD (XAU/USD) on March 20-21, 2024: buy above $2,158 or sell below 2,145 (5/8 Murray - symmetrical triangle)

Gold is trading around 2,154.26, below the 5/8 Murray, and above the 200 EMA. According to the H1 chart, we can see that gold is within a symmetrical triangle pattern. If a break in this pattern occurs in the next few hours, we could see a strong movement which could determine the direction in which we will have to negotiate.

In the afternoon of the American session, the FED's monetary policy decision will be announced and then, Jerome Powell will hold a press conference. These events are making investors cautious while waiting for the information that could change the trajectory of gold.

If the news from the United States weakens the American currency, we could expect gold to reach the 6/8 Murray zone around 2,187. On the other hand, if the news from the United States benefits the greenback, we could expect gold to fall towards 4/8 Murray located at 2,125.

If gold trades outside the symmetrical triangle pattern or around support or resistance levels, it can be seen by traders as a signal to buy with the target at 2,158 or sell with the target at 2,145.

In the meantime, gold is likely to trade in a range as the area within the symmetrical triangle pattern shortens, which could be seen as an opportunity both to buy and sell.