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Early in the American session, gold is trading with bullish potential around 2,354 above 3/8 Murray and below the resistance of 2,368 and 2,375.
During the European session, gold sharply broke the symmetrical triangle pattern and is likely to continue rising until it reaches 2,368, a level that coincided with the high notched on June 20.
Gold has strong resistance around 2,375 and is likely to continue rising until the price reaches this area which could be seen as an opportunity to buy at current price levels.
On the other hand, in case there is a technical correction towards 3/8 of Murray located at 2,343, it will also be seen as an opportunity to buy.
Technically, gold left the consolidation zone formed on June 10 and is now free of obstacles to continue rising. The instrument could grow as high as 2,375 in the coming days.
As long as gold trades above 2,343, the outlook remains positive and any technical rebound will be seen as an opportunity to buy with targets at 2,375. If the metal breaks this area, it could reach the psychological level of $2,400.
Our trading plan for the next few hours is to buy gold above the current price levels with targets at 2,368 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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