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Early in the American session, gold is trading around 2,327, retreating after reaching the top of the downtrend channel formed since June 25. Gold has resistance around 2,332 - 2,337. Therefore, if it fails to consolidate above the 200 EMA, the instrument will likely continue its decline and could even drop to 2/8 of Murray located at 2,312.
Gold is expected to attempt to rise and break this downtrend channel if it consolidates above 2,337. Then, it could reach 3/8 of Murray located at 2,343 and even 4/8 of Murray located at 2,375.
If gold fails to consolidate above 2,340, the outlook remains negative and we could look for opportunities to sell with targets at 2,312 and even at the psychological level of 2,300.
The eagle indicator is under bearish pressure and is currently showing signs of exhaustion of gold's strength. Thus, we expect that any failed attempt to break 2,337 or 2,343 will be seen as an opportunity to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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