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Early in the American session, the XAU/USD is trading around 2,777 showing a technical correction after having reached the high of 2,789.
In the next few hours, there will be releases of US data. Following the reports, the gold price could resume its bullish cycle and we could expect it to reach 2,790 and even 4/8 Murray around 2,812.
In case gold finds a rejection around the R_1 at 2,785, it could be seen as an opportunity to sell with the target at the bottom of the uptrend channel around 2,760.
In case the bearish pressure persists, we could expect gold to reach the 21 SMA around 2,751, a level where it could be a good point for a technical bounce so that the instrument could resume its bullish cycle.
Additionally, in case the bearish force prevails, we could expect gold to sharply break the bullish trend channel. Then, the first target could be to reach 3/8 of Murray located at 2,734 and finally the 200 EMA around 2,663.
The eagle indicator is giving a negative signal which supports our bearish strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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