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Early in the European session, gold (XAU/USD) is trading at 2,582 within the uptrend channel forming since September 12, above the 6/8 Murray, and above the 21 SMA located at 2,576. The metal has been following a strong uptrend, but a technical correction could occur.
Technically, gold is trending upwards and is expected to continue to rise in the coming days until it reaches 7/8 Murray around 2,613 or the psychological level of 2,600.
On the H1 chart, we can see that gold is approaching the overbought zone. Therefore, a strong technical correction could occur if the price consolidates below 6/8 Murray and below 2,575. Then, the instrument could fall and reach 5/8 Murray at 2,538 and, finally, the 200 EMA located at 2,526.
Since gold had a strong bullish movement last week, a technical correction is expected this week. For this, we could look for opportunities to sell in case gold falls below 2,576.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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