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Technically, we observe that gold is overbought but could continue to rise above the key point of 2,031. Below this area, a sharp drop could occur in the coming days. For this, we should expect gold to trade below 2/8 Murray located at 2,031.
If gold makes a pullback around 2,046 or 2,049 in the next few hours, it will be seen as a signal to sell with targets at 2,031 and 2,025.
On the contrary, if gold falls below 2,031 and also consolidates below the 200 EMA located at 2,025, it could be the beginning of a trend reversal. So, a bearish acceleration could occur and the price could reach the psychological level of $2,000.
Our outlook will remain bearish, but for this, we have to wait for gold to reach the levels around 2,049 to sell or below 2,031 to sell, with targets at 2,015 and $2,000. The eagle indicator is in the overbought zone. Therefore, a technical correction is likely to occur in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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