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Early in the American session, gold is trading around 2,711, pulling back after having reached the top of the uptrend channel and having formed a new high at 2,717 for now.
During the last few trades, gold has been consolidating around the psychological level of 2,700. So, now it is likely to try to make another technical correction and could reach the bottom of the downtrend channel around 2,690.
On the other hand, in case the bullish force prevails, gold is expected to reach the area of 2,720 to 2,723. If this level is surpassed, the price could reach 3/8 of Murray around 2,734.
The eagle indicator is reaching overbought levels and we observe that it is producing a negative signal. So, as long as gold is trading below 2,718, we will look for opportunities to sell with targets at 2,700 and 2,690.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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