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Gold is trading around 2,629 within the bullish trend channel forming since November 13 and reaching a strong resistance zone that coincides with the top of the bullish trend channel. Therefore, we could expect a technical correction in the next few hours.
Gold left a gap at 2,562, so we anticipate a technical correction below 2,640 with targets towards the psychological level of 2,600 and even towards the bottom of the bullish trend channel around 2,583.
After having hit the low of 2,536 around 1/8 Murray, the metal has recovered $100 in a few days reaching the weekly high of 2,637 for now.
If gold consolidates below this key price level of 2,639, a technical correction could occur in the coming days where we will look for opportunities to sell.
On the other hand, in case the bullish force prevails, gold is expected to find strong resistance around 4/8 Murray located at 2,656 which coincides with 200 EMA. This means that gold would offer a good opportunity to sell around this area.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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