Gold is trading around $4,776, rebounding after decisively breaking the downtrend channel formed since January 29 on the H1 chart.
Gold could continue its rise in the coming hours and reach the 200 EMA around $4,950. The instrument could even reach the 8/8 Murray around the psychological level of $5,000.
If gold reaches resistance levels in the coming hours, it could be seen as an opportunity to open short positions in anticipation of it covering the gap left at the opening of Tuesday's session.
This gap is located around $4,650. If gold covers this gap in the coming hours, we could expect the newly formed bullish cycle to resume. On the contrary, if gold reaches the strong resistance level of $5,000, we could expect a strong technical correction, with a target at $4,650.
The Eagle indicator is showing a positive signal, so our strategy is to add long positions on gold in the coming hours.
In the chart, we can see the formation of a pattern called a pennant, and this is likely to push gold towards the $5,000 level.
Our trading plan for the next few hours is to buy gold above the 21 SMA located at $4,676 or at the current target levels of $4,950 and $5,000.
Another alternative would be to wait for gold to reach resistance levels and sell below $5,000, with a target at $4,650.
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