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Early in the American session, gold is trading around 2,612 with a strong bullish bias, reaching new highs within the bullish trend channel forming since September 4th.
Technically, gold could reach new highs as it has strong resistance in the area between 2,621 and the top of the uptrend channel of 2,631. If gold reaches these levels in the next few hours, it could be a key point for gold. The price could find a strong rejection which could lead to a strong technical correction.
Given that gold could consolidate around the psychological level of 2,600, we could expect the price to reach +2/8 of Murray around 2,656. Technically, this zone is a bit difficult to reach. So, we could expect a technical correction first and from there, the instrument could resume its bullish cycle.
Our trading plan for the next few hours is to sell gold if it reaches 2,621 or below this zone, with targets at 2,600 and 2,579.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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