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Early in the American session, gold is trading around 2,334, above the 200 EMA, and above the 21 SMA, showing a bullish signal. The metal is likely to continue rising in the coming hours if it consolidates above 2,329.
In the H4 chart, we can see that gold has encountered strong resistance around 2,337. Thus, it might come under bearish pressure. There is another resistance zone between 2,340 and the 3/8 Murray level of 2,343. Gold needs to break both levels to continue rising.
If gold breaks 2,343, it could return to 2,356 in the coming days and even reach 4/8 Murray located at 2,375.
On the contrary, with a fall below 2,329, the instrument could resume the bearish cycle and the price could reach 2,316 or even 23,12, both levels make up important support.
Since the eagle indicator is showing a positive signal, we will look for opportunities to buy above 2,329, with targets at 2,343 and 2,375.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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